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Which of the following are purposes of a budget?(i) Establishing strategic options(ii)Motivating management(iii) Establishing long term objectives(iv) Planning operations
A. (i) and (iii) only
B. (i) and (iv) only
C. (ii) and (iv) only
D. (ii), (iii) and (iv) only
Which one of the following steps of the planning and control cycle is part of the control process?
A. Choose alternative courses of action
B. Measure actual results and compare with the plan
C. Evaluate each strategy
D. Identify objectives
Which one of the following tasks would usually be carried out first in the budgetary planning process?
A. Establish the organisation's long term objectives
B. Calculate the predetermined overhead absorption rate
C. Establish the level of sales demand
D. Identify the principal budget factor
The following statements relate to aspects of budget administration:Statement (1). An important task of a budget committee is to ensure that budgets are properly coordinated Statement (2): A budget manual is the document produced at the end of the budget setting process Which of the following is true?
A. Only statement (1) is correct
B. Only statement (2) is correct
C. Both of them are correct
D. Neither of them is correct