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Which of the following is true? Each manager coordinates their respective budget activities O Lower level managers are responsible for preparing the entire budget. O The budget and the administration of the budget are the responsibility of management. O The flow of input data for budgeting should be from the highest levels of responsibility to the lowest level. Long-range plans O have the same amount of detail as the budget. O are different than budgeting in terms of the emphasis and the time period involved. O are used primarily as an evaluation of specific results to be achieved. O reflect management's plans encompassing one year. Which of the following is not a benefit of budgeting? It is a basis for performance evaluation. assures the company that management will perfermata particular operationale, o It deters waste. It promotes efficiency Which of the following approvals will make the most effective environment for budget acceptance? The budget is prepared by the department heads. The budget is prepared by top management, O Acceptance has nothing to do with who prepares budgets, O The budget preparation contains input from all levels of management. What is "budgetary slack"? O It is the amount that actual results vary from budgeted projections as reported at the end of the budget period. It is the process whereby upper management underestimates budgeted revenues or overestimates budgeted expenses in order to motivate lower management. O It is the tolerance that is built into budgets to recognize that actual results will not match budgeted projections exactly. It is the process where managers intentionally underestimate budgeted revenues or overestimate budgeted expenses in order to make it easier to achieve budgetary goals

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