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MGAB03H3 Chapter Notes - Chapter 10: Financial Statement, Financial Institution, Variable Cost

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24 Nov 2011
School
UTSC
Department
Financial Accounting
Course
MGAB03H3
Professor
G.Quan Fun

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Document Summary

A budget is a formalized financial plan for operations of an organization for a specified future period. It helps the organization coordinate the activities needed to carry out the plan. It reflects management"s forecast of the financial effects of an organization"s plans for one or more future time periods. It also provides a mechanism for defining the responsibilities and financial decision-making authority, or decision rights, of individual managers. A budget cycle is a series of steps that organizations follow to develop and use budgets. Managers typically begin the process by revisiting and possibly revising the organizational vision and core competencies reconsider long-term strategies in light of the vision and core competencies the current period"s operating plans are developed . A master budget is a comprehensive plan for an upcoming financial period, usually a year. It reflects an organization"s future operating and financing decisions and are often summarized in a.

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Related Questions

Budgeting supports the planning process by encouraging all ofthe following activities except:

A. Requiring all organizational units to establish their goals forthe

upcoming period

B. Increasing the motivation of managers and employees by

providing agreed-upon expectations

C. Coordinating operations between departments during theperiod

D. Improving overall decision making by considering all

viewpoints, options and costreduction possibilities.

24. The comprehensive budget plan linking all the individualbudgets related tosales, cost of goods sold, operating expenses,projects, capital expenditures and cash is known asthe:

A. Cash budget

B. Capitalexpenditures budget

C. Continuousbudget

D. Masterbudget

25. A variant of fiscal-year budgeting whereby a twelve-monthprojection into the future is maintained at all times istermed:

A. Flexible budgeting

B. Continuous budgeting

C. Zero-based budgeting

D. Master budgeting

1.________ is the field of accounting that develops informationfor external parties such as stockholders, suppliers, banks andgovernmental regulatory bodies.

A) Auditing

B) Internal auditing

C) Management accounting

D) Financial accounting

Answer:

Financial reports prepared by financial accountants focus on________. Financial reports prepared by management accountantsfocus on ________

A) segments of the organization such as departments anddivisions; segments of the organization such as departments anddivisions

B) the organization as a whole; the organization as a whole

C) the organization as a whole; segments of the organizationsuch as departments and divisions

D) segments of the organization such as departments anddivisions; the organization as a whole

Answer:

What are accounting systems?

A) The process used to streamline production processes

B) The process used to generate performance measures

C) Formal mechanisms for gathering, organizing and communicatinginformation about an organization's activities

D) none of the above

Answer:

A(n) ________ is a review to determine whether the policies andprocedures specified by top management have been implemented bylower managers.

A) management audit

B) internal audit

C) internal control

D) internal accounting control

Answer:

A budget ________.

A) is a quantitative expression of a plan of action

B) provides feedback by comparing actual results with plannedresults

C) includes deviations from planned results

D) ignores areas that are presumed to be running smoothly

Outcome 1. Identify and describe the activities of a financial manager.

List and describe four of the major activities of the financial manager. As a hint, think of the types of decisions that the top financial managers have to make in a typical corporation.(32 points) Answer:

Outcome 2. Explain how the activities of the financial manager contribute to a business or non-profit organization in achieving its objectives. 2. Describe how each of the activities you identify is related to the primary objectives of a corporation or non-profit organization; identify the objectives and be specific.(32 points)

Answer: