All of the following statements are true except:

The final schedule of the master budget is the cash budget.

The first step in the budgeting process is the preparation of the sales budget, which is a detailed schedule showing the expected sales for the budget period.

The master budget consists of a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals.

A cash budget is a detailed plan showing how cash resources will be acquired and used.

QUESTION 1- All of the following statements are true except:

The final schedule of the master budget is the cash budget.

The first step in the budgeting process is the preparation of the sales budget, which is a detailed schedule showing the expected sales for the budget period.

The master budget consists of a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals.

A cash budget is a detailed plan showing how cash resources will be acquired and used.

QUESTION 2- What two categories of costs are never relevant in decisions?

Unavoidable costs and differential costs.

Sunk costs and future costs that do not differ between the alternatives.

Variable and fixed costs.

Opportunity costs and sunk costs.

QUESTION 3 -All of the following statements are true except:

Joint costs are relevant in decisions regarding what to do with a product from the split-off point forward.

Unavoidable costs are irrelevant costs.

Opportunity costs need to be considered when making decisions.

A sunk cost is a cost that has already been incurred and cannot be avoided regardless of what a manager decides to do.

QUESTION 4 -Which of the following is an opportunity cost?

Foregone wages when giving up a job to go to school.

Purchasing a new warehouse building.

The depreciation on an asset purchased this year.

The cost of an asset purchased ten years ago.