The sales budget is considered the cornerstone of the master budget because ________.
A) the level of sales affects almost all of the other elements of the master budget
B) it is prepared last and summarizes all of the other elements of the budget
C) it plays a minor role in the preparation of the operating budget
D) it determines the amount of materials to purchase for production
A) the level of sales affects almost all of the other elements of the master budget
You might also like to view...
Why is it important to support “wild ideas” during brainstorming sessions?
a. It encourages critical analysis. b. Wild ideas are easier to think of. c. It saves people embarrassment. d. Wild ideas can often give rise to creative leaps.
Unilever markets its Snuggle fabric softener differently to different parts of the world. Unilever is a(n) ________ firm.
A. international B. ethnocentric C. multinational D. global E. transnational
All of the following are potential disadvantages of short-term debt EXCEPT
A) short-term debt must be paid back more quickly than long-term debt. B) uncertainty of interest costs because short-term debt must be replaced often. C) short-term debt generally has a higher interest cost than long-term debt. D) a greater risk of illiquidity than long-term debt.
Married couples will normally file jointly. Identify a situation where a married couple may prefer to file separately.
A. A couple is separated and contemplating divorce. B. The spouse with lower income has substantial medical expenses. C. One spouse can be held responsible for the entire tax liability. D. All of the above.