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Certain budget reports are prepared monthly, whereas others are prepared more frequently depending on thr activities being monitored

Select One True False

A static budget is one that is geared to one level of activity

Select One True False A static budget is changed only when actual activity is different from the level of activity expected

Select One True False

A flexible budget is a series of static budget at different levels of activities

Select One True False Flexible budgets are not widely used in production and service industry.

Select One True False

Management by exception means the management will investigate areas where actual results differ from planned results if the items are material and controllable

Select One True False Cost centers, profit centers and investments centers can all be classified as responsibility centers

Select One True False In a responsibility accounting reporting system, as ones moves up each level of responsibility in an organisation, the responsibility reports become more summarised and show less detailed information.

Select One True False

A cost center incurs costs and generates revenues, and cost center mangers are evaluated on the profitability of their centers.

Select One True False

Most direct fixed costs are not controllable by the profit center manager

Select One True False

The manager of an investment center can improve ROI by reducing average operating assets

Select One True False

A major elements in budgetary control is the preparation of long term plans

Select One True False On the basis of the budget reports, management analyzes differences between actual and planned results; take corrective actions; and modify the future plans

Select One True False Top management's reaction to a difference between budgeted and actual sales often depends on the personality of the production manager

Select One True False

A static budget is appropriate for fixed overhead costs

Select One True False