2.05 It is generally recommended to leave non-financial personnel out of the bud

Question

2.05 It is generally recommended to leave non-financial personnel out of the budgeting process 2.06 Generally (but not alwaysl) companies attempt to realize a sales mix 2.07 A favorable budget variance for revenues would involve 2.08 The payback methoed of capital budget decision making ignores which maximizes proft higher sales than expected the concept of the present value of future cash flows. 2.09 A company would generally be in a better position as a price-taker than a price-setter Responsibility Centers for budgeting purposes include Revenue, Profit, and Cost Centers 2.10

Explanation / Answer

2.05 True:

Generally Accounts departments typically produce updated charts of accounts and monthly management accounting reports including analysis of sales and expenses , profit and loss accounts, cash flow statements, analysis of budget.

2.06 True:

Generally, Companies having multiple products sets an ideal sales mix to maximize the profits.

2.07 True:

If Actual sales is higher than Budgeted sales than Variance will be favourable.

2.08 True:

Present value concept is not used in pay back period method.

2.09 True:

A competitive company generally apply price taker due to its inability to influence the market price.

2.10 True

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