Which of the following statements about budgeting is false?
A. Budgeting is an aid to planning and control.
B. Budgets help coordinate the activities of the entire organization.
C. Budgets create standards for performance evaluation.
D. Budgeting forces managers to think ahead and formalize future objectives.
E. The master budget should only be prepared by top management.
Answer: E
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Your marketing team has started the analysis of your company's marketing environment. Competition has been very intense in recent years in your industry, so you decide to place more emphasis on analyzing the competitive forces in your industry. You group your competitors into the four types that a firm normally faces. In general, which one of the four types of competitors do you think will be the most formidable for your company?
A. Total budget competitors B. Features-oriented competitors C. Brand competitors D. Generic competitors E. Product competitors
An interest in the future that arises in a third party is called a(n):
A) reversion. B) remainder. C) assignment. D) fee simple absolute.
When recording the sale of a product, which account is increased?
A. Inventory B. Notes Payable C. Accounts Receivable D. None of the choices are correct
Which of the following statements about histograms is true?
a. A histogram is a summary of interval data. b. A histogram is made of a series of intervals, called classes. c. The classes in a histogram cover the complete range of observations. d. All of these choices are true.