7 keys of effective budget and explain
Q: Explain the different purposes that a budget can have
A: Introduction:- Budgeting used to estimation of income and expenditure over a specified period of…
Q: 1) What is a budget 2)Compare two characteristics each partial budget and complete budget
A: Budget There are different type of budge which are prepared in the business entity which can be…
Q: he planning document that incorporates all operational and financial budgets is called the…
A: Budgeting is important for the planning and operation of the company
Q: . What information/ data is required for budget preparation? List at least six items
A: In a statement of shareholder equity, what information is presented:
Q: Define the following 1. budget 2. debtors collection 3. Age analysis
A: Solution:- 1) "Budget" defined as follows under:-
Q: Differentiate the three: 1. Actual Amounts, 2. Budgeted Amounts and 3. Standard Amounts.
A: The procedure of preparation of budgets is known as budgeting. It is a very useful aspect of…
Q: List the four budgeting objectives.
A: Budgeting: Budgeting is the process where the planning is made for spending less than the earning.
Q: Describe the benefits of budgeting.
A:
Q: Ch 22 discussed Budgeting which involves (1) Planning - establishing specific goals, (2) Directing -…
A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Discuss the uses and advantages of budget. (10 marks) b. Explain the concept of control and…
A: The term budget is defined as the quantitative expression of a plan for a defined period of time. it…
Q: 5. Formulate Projected Financial Statements (As of December 31, 2021) a. Budgeted Cost of Goods…
A: Income statement: A financial statement used for recording the revenue generated by the company and…
Q: QUESTION 10 Budget formats can vary between organisations and accounting programs: list two ways a…
A: Answer: Budget formats are different and they vary from organizations and accounting programs.…
Q: 1- What are the differences between budget and balance sheet?
A: Budget and balance sheet are two different things in accounting. Budgets are prepared on estimation…
Q: Discuss in details the budgeting Cycle and give 3 advantages and 3 disadvantages of budgeting.
A: Budgeting is the process of preparing a plan regarding the estimated revenues and expenses over a…
Q: 5) Budgeted costs are: A) the costs incurred this year C) predicted or forecasted costs B)…
A: The cost which is incurred this year is called current cost. The cost which is incurred last year is…
Q: Ch. 8 Budgeted Gross Margin Formula Would you please provide and explain the formula for finding the…
A: Budgeted Income Statement: The budgeted income statement is a statement which shows the financial…
Q: Explain the Budget Process.
A: For companies of all sizes - be it a large company or a medium or small enterprise making budgets is…
Q: 4. Why is it important to have and use a budget? List at least 2 reasons. [2] (Ch 3)
A: A budget is a projection of expenses and revenue for a certain future period that is usually…
Q: Q.Master budget. Which of the following statements is correct regarding the components of the master…
A: The correct answer is Option (b).
Q: Short term budget is prepared for
A: Short term budget means the budget prepared for short interval in future.
Q: Which of the following is the cornerstone of the master budget? The selling and administrative…
A: Master budget: Master budget is the set of budgeted financial statements and supporting schedules…
Q: 1. Financial Forecasting vs. Financial Modelling. Explain the difference.
A: In finance we often use financial forecasting as well as financial modelling. Though both financial…
Q: A budget prepared to give the budgeted cost of any level of activity is termed as a ___________. a.…
A: Budgeting is used to control the cost by estimated resource allocation for the next year.
Q: what is problems in budgeting and give the examples
A: Answer: Budgeting is the preparation of statement which gives estimation to the expenses of the…
Q: Explain 2 different types of budgets and discuss how they complement each other.
A: A budget is considered as a sum of finances that is allocated towards a particular purpose. In other…
Q: 7) A master budget is a set of Budgets made Forecasts made Schedules and budgeted financial…
A: Budgeting: It is the preplanning of all expenditures to be done in relation with the present income…
Q: Discuss four conditions necessary for effective budgeting.
A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…
Q: Define the term sales budget.
A: A sales budget provides an estimate of the volume of goods and services that a company proposes to…
Q: 1. Prepare a Sales Budget
A: Since you have asked multiple questions under a single question. Kindly re-post the question along…
Q: Q.Operating and financial budgets. Which of the following statements is correct regarding the…
A: The operating budget is that budget which is prepared to plan all the operating activities of an…
Q: IBE THREE (3) purposes of preparing budgets
A: Budget plays very important role in planning and controlling functions of management. Budgets is…
Q: 20. Most other budgets are dependent in some way on the: (a) materials budget (b) cash budget (c)…
A: A budget is an estimate of future transactions based on the past estimates and future predictions.
Q: 1.Discuss the uses and advantages of budget.
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Name three budget preparation approaches
A: Budget refers to a financial plan for a defined period prepared by an organisation consisting of…
Q: 1. Why we preparation of budget ?
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: Question 7 In preparing a flexible budget, we use a. expected costs at the actual level of activity…
A: A flexible budget is one based on different volumes of sales. A flexible budget flexes the static…
Q: Budgeted
A: See below step
Q: Discuss the uses and advantages of budget. 2. Explain the concept of control and budgetary…
A: 1. The advantages of budgeting are as follows: Planning Coordination Performance measurement…
Q: 8. According to GASB standards, which of the following is not classified as a budgetary account?…
A: Budget: Budget is the process of identifying, collecting, and summarizing the financial information.…
Q: Q.What are the four elements of the budgeting cycle?
A: Budget Cycle: The budget cycle refers to the whole time period starting from the creation of the…
Q: Question 4: Budgeting: The various activities within a company should be coordinated by the…
A: A budget is a statement of income and expenditure of a certain period. It is prepared for a definite…
Q: QUESTION #3 Define budgeting and its importance in planning and controlling framework. Explain the…
A: Budgeting is a process of preparing budgets. Budget is the quantitative expression of future results…
Step by step
Solved in 2 steps
- a. Discuss the uses and advantages of budget. (10 marks) b. Explain the concept of control and budgetary control. (5marks)5 A budget prepared to give the budgeted cost of any level of activity is termed as a ___________. a. Rolling budget b. Fixed budget c. Annual budget d. Flexible budget3. The budget element/s included in the financial budget process are the following except the - Group of answer choices - budgeted balance sheet - cash budget - capital budget - budget variance