8–2 Discuss some of the major benefits to be gained from budgeting. 8–3 What is meant...

8–2 Discuss some of the major benefits to be gained from budgeting.

8–3 What is meant by the term responsibility accounting?

8–4 What is a master budget? Briefly describe its contents.

8–5 Why is the sales forecast the starting point in budgeting?

8–6 “As a practical matter, planning and control mean exactly the same thing.” Do you agree? Explain.

8–8 What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution must be exercised in their use?

8–9 How can budgeting assist a company in planning its workforce staffing levels?

8–10 “The principal purpose of the cash budget is to see how much cash the company will have in the bank at the end of the year.” Do you agree? Explain.

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