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15. In many companies in many companies, responsibility for coordinating the preparation of the budget is assigned to A) the company's board of directors. B) the company's internal auditors. C) a budget committee. D) the company's independent certified public accountants. 16. A statement of cash flows indicates the sources and uses of cash during a period. A) True B) False 17. Which one of the following budgets would be prepared for a manufacturer but not for a merchandiser? A) Cash budget B) Direct labor budget C) Budgeted income statement D) Sales budget 18. Top management notices a variation from budget and an investigation of the difference reveals that the department manager could not be expected to have controlled the variation. Which of the following statements is applicable? A) Department managers should be held accountable for all variances from budgets for their departments. B) Department managers' performances should not be evaluated based on actual results to budgeted results. C) Department managers should only be held accountable for controllable variances for their departments. D) Department managers should be credited for favorable variances even if they are beyond their control. 19. A total materials variance is analyzed in terms of A) tight and loose variances. B) buy and sell variances. C) price and quantity variances. D) quantity and quality variances. 20. The cost of freight-in A) should have a separate standard apart from direct materials. B) is to be included in the standard cost of direct materials. C) is considered a selling expense. D) should not be included in a standard cost system

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