Budgetary Control
Q: budgeting process
A: Definition: Budgeting process: It is a process which involves planning , monitoring, controlling…
Q: Which of the following is not a managerial planning or control report?
A: Identification of incorrect option with regards to managerial planning or control reports
Q: managers duty to take appropriate action when accounting reports indicate
A: Managers are involved in planning and implementing appropriate actions to lead the organization…
Q: Which is not a characteristic of managerial accounting information? a. Emphasizes the external…
A: Managerial accounting: Managerial accounting is more focused towards analyzing information and…
Q: How does managerial accounting differ from financial accounting?
A: Accounting: Accounting is an art of collecting, recording, summarizing and presenting the financial…
Q: All of the following are problems with traditional accounting information EXCEPT: a. Managers in a…
A:
Q: 5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate…
A: Budgets are compiled at least annually by most companies in order to plan their operations for the…
Q: Why are companies divided into departments for the purpose of management control? Is it possible to…
A: An Organisation is a complex entity which requires different expertise in various fields to help it…
Q: These are measures not found in the chart of accounts, such as customer satisfaction scores or…
A: Since you have asked multiple questions, we will solve the first question for you . If you want any…
Q: Which of the following is not a management accounting report? A.Income statement B.Sales forecast…
A: Management accounting reports: Management accounting reports are those reports which are prepared…
Q: Which of the following does NOT describe management accounting? A. Emphasis on the past
A: Management Accounting-: Management Accounting assists managers within a firm make judgments. Also…
Q: Which of the following may not be the reason for a change in gross profit to occur? * G O Change of…
A: Gross profit is the amount of sales revenue which is over and above cost of goods sold. Cost of…
Q: 19. Which of the following is false? (a) A budget is a financial plan for a period of time. (b)…
A: a) A budget is an estimation of expenses and revenue over a period of time. Hence, budgeting is a…
Q: The following are advantages of budgeting, except Allocates resources of the company Define goals…
A: Lets understand the meaning and advantage of budgets. Budget is a estimation of income and…
Q: what is the best design for costing systems? a. to be tailored to the underlying operations of the…
A: Answer: The costing system is the system that controls the cost management and checks if all the…
Q: 57. The managerial function of controlling
A: Managerial function including controlling among the other function. The Controlling includes the…
Q: 14. Explain how the four facets of production operations is important in terms of Cost Accounting…
A: Production is the process carried out by a manufacturing company that converts the input goods or…
Q: :Which one of the following is not a characteristic of managerial accounting اخترأحد الخيارات a.…
A: The main objective of the managerial accounting is to assist the management to perform the company…
Q: If the company reduces inventory without affecting sales, what effect should this have on the…
A: Inventory is the term which is defined as the goods as well as the materials that the company holds…
Q: Manufacturing management was not able to control production at budgeted costs but purchasing w keep…
A: Gross profit analysis refers to the analysis which compare the gross profit for the accounting year…
Q: What is meant by the control function of management accounting?
A: Management accounting: It can be defined as the process of preparing reports related to the…
Q: Assume that a company has decided not to allocate any support department costs to producing…
A: Cost allocation means assigns cost to different heads or departments. It is a good tool that can be…
Q: Which of the following statements relating to budgeting is NOT true? a) A budget is a formal…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Why are companies divided into departments for the purpose of management control? What are some of…
A: A business is normally organized by its functions, e.g. marketing department, accounts department,…
Q: he costs referred to as “controllable costs” are a. Costs which management decides to incur in…
A: Solution: The costs referred to as “controllable costs” are "Costs which are likely to respond to…
Q: Which of the following is correct? * . O The direct cost of a particular department is always a…
A: Responsibility accounting system means that where one manager is given the whole responsibility of…
Q: Which of the following is one of the limitations of Management Accounting? Select one: a. Existence…
A: Management accounting is a form or branch of accounting, under which management takes decision on…
Q: Financial accounting reports are general- purpose, whereas managerial accounting reports are usually…
A: 1. Statement is False As financial accounting reports and managerial accounting reports both are…
Q: Generally speaking, budgets are not used to: assist in the control of profit and operations.…
A: Explanation: Budgets are prepared by the company to 1. Evaluate the performance of particular…
Q: Which of the following is one of the limitations of Management Accounting? Select one: O a. Lack of…
A: Management accounting is used by organizations to prepare budgets and estimates for the future. It…
Q: 13) The high-low method and least-squares regression are used by accountants to: A) maximize output.…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: evaluated only on ROI.
A: ROI is the return on investment made by entity.
Q: Which of the following statement about management accounting information is incorrect? a. The…
A: Ans. Management accounting information is mainly prepared for internal purposes to be used by…
Q: 5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate…
A: Budgeting: Budgeting is that the method of making a plan to pay your cash. Benefits of Budgeting…
Q: What is the most likely consequence of unethical behaviours by management accountants? Satisfied…
A: Basic Concept of Management Accounting
Q: Elmhurst Corporation is considering changes to its responsibility accounting system. Which of the…
A: Responsibility Center: The responsibility center is the specific centre in which each work is…
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Solved in 2 steps
- Which of the following does not describe a management control system? A. establishes a companys strategic goals B. implements a companys strategic goals C. monitors a companys strategic goals D. a system that only measures profitabilityWhen the manager has the responsibility and authority to make decisions that affect Costs and revenues but no responsibility for or authority over assets invested in the department, the department is called: A. A cost center B. A profit center C. An investment center D. A service departmentWhich of the following is not a management report?A.Sales by product actual versus budget B. Department spending actual versus budget C. Income statement D. Accounts receivable aging
- 22. Which of the following is not a function of Cost Accounting? a. Control cost b. Reporting to owners c. Helps Planning and control d. Cost ascertainment;22) Which one of these is not an objective of cost accounting? a. Assisting shareholders in decision making b. Determination of selling price c. Cost control and reduction d. Ascertainment of cost57. The managerial function of controlling a. is performed only by the controller of a company. b. is only applicable when the company sustains a loss. c. is concerned mainly with operating a manufacturing segment .d. includes performance evaluation by management.
- Why are companies divided into departments for the purpose of management control? What are some of the challenges to preparing departmental reports? Is it possible to evaluate a cost center's profitability?Why are companies divided into departments for the purpose of management control? Is it possible to evaluate a cost center's profitability? Explain.Why is the level of and movement in the operating expense percentage an important indicator of financial risk? which answer is it below? a. It provides important insight into management integrity b It is an indicator of production efficiency. c. It reveals the success of the business's Inventory procurement strategies d. It is a measure of expense management, exclusive of production and financing costs. .
- All of the following are problems with traditional accounting information EXCEPT: a. Managers in a JIT setting require immediate information. b. The measurement principle tends to ignore standards other than money. c. Variance analysis may yield insignificant values. d. The overhead component in a manufacturing company is usually very large. e. All of these are problems associated with traditional accounting information.The costs referred to as “controllable costs” are a. Costs which management decides to incur in the current period to enable the company to achieve objectives other than the filling of orders placed by customers. b. Costs which are likely to respond to the amount of attention devoted to them by a specified manager. c. Costs which are governed mainly by past decisions that established the present levels of operating and organizational capacity and which only change slowly in response to small changes in capacity. d. Costs which fluctuate in total in response to small changes in the rate of utilization of capacity.1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the company as a whole and not at the various units, jobs or processes. b. Financial accounting is concerned with how and why profits arise. c. Cost accounting depends entirely on historical information.
