Use this list of terms to complete the sentences that follow.
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Long range planning |
Participative Budgeting |
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Sales forecast |
Operating budgets |
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Master Budget |
Financial budgets |
1. A shows potential sales for the industry and a company’s expected share of such sales.
2. are used as the basis for the preparation of the budgeted income statement.
3. The is a set of interrelated budgets that constitutes a plan of action for a specified time period.
4. identifies long term goals, selects strategies to achieve these goals, and develops policies and plans to implement the strategies.
5. Lower level managers are more likely to perceive results as fair and achievable under a approach.
6. focus primarily on the cash resources needed to fund expected operations and planned capital expenditures.