ACCT: Final Exam Test Preparation
questions and actual answers !!! 2026
The master budget usually includes operating budgets and capital budgets and pro forma financial statements. -
ANSWER💫✔️Select the correct statement about the master budget.
Provides assurance that accounting records are in accordance with generally accepted accounting principles -
ANSWER💫✔️Which of the following is not an advantage of budgeting?
The longer the time period, the more specific the plans. - ANSWER💫✔️Select the incorrect statement about the
planning process.
strategic planning. - ANSWER💫✔️Planning concerned with long-range decisions such as defining the scope of the
business is referred to as:
Schedule of cash receipts for the projected sales - ANSWER💫✔️Which of the following is generally included in a
sales budget?
decentralization. - ANSWER💫✔️Delegating authority and responsibility throughout an organization is known as:
Decision center - ANSWER💫✔️Which of the following is not typically found in a decentralized organization?
A variance is favorable when expected sales are more than actual sales. - ANSWER💫✔️Which of the following is an
incorrect statement regarding variances?
Increase in working capital - ANSWER💫✔️Which of the following is not a major cash inflow from a capital
investment?
questions and actual answers !!! 2026
The master budget usually includes operating budgets and capital budgets and pro forma financial statements. -
ANSWER💫✔️Select the correct statement about the master budget.
Provides assurance that accounting records are in accordance with generally accepted accounting principles -
ANSWER💫✔️Which of the following is not an advantage of budgeting?
The longer the time period, the more specific the plans. - ANSWER💫✔️Select the incorrect statement about the
planning process.
strategic planning. - ANSWER💫✔️Planning concerned with long-range decisions such as defining the scope of the
business is referred to as:
Schedule of cash receipts for the projected sales - ANSWER💫✔️Which of the following is generally included in a
sales budget?
decentralization. - ANSWER💫✔️Delegating authority and responsibility throughout an organization is known as:
Decision center - ANSWER💫✔️Which of the following is not typically found in a decentralized organization?
A variance is favorable when expected sales are more than actual sales. - ANSWER💫✔️Which of the following is an
incorrect statement regarding variances?
Increase in working capital - ANSWER💫✔️Which of the following is not a major cash inflow from a capital
investment?
