Chapter 21 Quiz Question 1
A benefit of budgeting is that it provides definite objectives for evaluating performance .
Question 2
Effective budgeting requires clearly defined lines of authority and responsibility .
Question 3
Financial budgets must be completed before the operating budgets can be prepared .
Question 4
The budgeted income statement indicates the expected profitability of operations for the next year
Question 5
The budget itself and the administration of the budget are entirely accounting responsibilities
Question 6