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1) Which of the following is an example of the planning function of a budget? a. A budget demands integrated input from different business units and functions. b. Employees are motivated to achieve the goals set by the budget. c. Budget figures are used to evaluate the performance of managers. d. The budget outlines a specific course of action for the coming period. 2) Opportunity cost(s): a. of a resource with excess capacity is zero b. should be maximized by organizations c. are recorded as an expense in the accounting records d. are most important to financial accountants 3) Gnome Company is trying to decide whether to continue to manufacture a particular component or to buy the component from a supplier. Which of the following is relevant to this decision? a. the potential uses of the facilities that are currently used to manufacture the component b. the insurance on the manufacturing facility which will continue regardless of the decision c. allocated corporate fixed

1. (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report: Income Taxes Payable $471 Short-term Investments and Marketable Securities 8,109 Cash 8,442 Other non-current Liabilities 10,449 Common Stock 1,760 Receivables 4,812 Other Current Assets 2,973 Long-term Investments 10,448 Other Non-current Assets 3,585 Property, Plant and Equipment 23,486 Trademarks 6,527 Other Intangible Assets 20,810 Allowance for Doubtful Accounts 53 Accumulated Depreciation 9,010 Accounts Payable 8,680 Short Term Notes Payable 17,874 Prepaid Expenses 2,781 Other Current Liabilities 796 Long-Term Liabilities 14,736 Paid-in-Capital in Excess of Par Value 11,379 Retained Earnings 55,038 Inventories 3,264 Treasury Stock 35,009 Other information taken from the Annual Report: Sales Revenue