Cite the differences of the major phases of budget process.

Q: Explain the benefits of budgeting.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: Budgets, Fixed Budgets and Flexible Budgets

A: Fixed Budgeting:The leased Institute of Management Accountants (UK) defines a hard and fast budget…

Q: what is the source document for realignment of budget transaction for budgetary accounts?

A: The budget means the estimate of all-expense where the amount is spent. It is an estimate that the…

Q: What are some limitations of the budgeting process?

A: Budgeting is an important exercise that is performed in most of the organizations. Budgeting has lot…

Q: What are the advantages and disadvantages of the participatory approach to budgeting?

A: Participative budgeting is a budgeting process in which the people who are in the lower levels of…

Q: Describe the benefits of budgeting.

A:

Q: Who are the participants in the budgetingprocess, and how do they participate?

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: Which of the following is not the example of functional budget? Production Budget Cost of goods sold…

A: Functional Budget: Function Budget represent the function of a Business. For example to represent…

Q: Which of the following is NOT one of the types of budgets according to several classifications?…

A: Budgets are the estimations or forecasts that are made for future period of time.

Q: What is the first step in preparing a master budget ?

A: The master budget seems to be the budget that combines all of the other budgets into a single budget…

Q: The budgeted balance sheet is part of which element of the master budget? Financial budget…

A: The Financial budget is a part of master budget which shows cash inflows and cash outflows by using…

Q: What

A: Budgets act as an instrument of coordination.

Q: Explain the relationship between performance reports and flexible budgeting.

A:

Q: Which of the following is the cornerstone of the master budget? a. The selling and administrative…

A: Master Budget: It includes companies budget plan for purchases, production, overhead, cost of goods…

Q: What are the three types of budgets included in the master budget. Define and explain each type.

A: Solution:- The master budget is the sum total of all the divisional budgets that is prepared by all…

Q: Describe budgeting process.

A: Budgeting is a process to prepare the financial statement by the manager to estimate the…

Q: Which one of the following is an operating budget? a.cash budget b.sales budget c.budgeted…

A: Solutions- operating budgets are sales, production or manufacturing, labor, overhead, and…

Q: What are the three major objectives of budgeting? Under what circumstances would a static budget…

A: Budgeting is a planning measure by which Business Entity make plan for the expected revenues and…

Q: What is the difference between an imposed budget and a participatory budget? Define and explain a…

A: Introduction A budget is a financial statement that the management develops to evaluate the…

Q: How are budget variances calculated and used as performance measures? Provide numerical example?

A: budget is the predefined calculations that provide the plan of using the resources and generating…

Q: explain the advantages and limitations of budgetary control in detail

A: Budgetary control is the process of preparing budgets for the future time and comparing them to…

Q: Explain the difference between strategic and operational budgets.

A: Strategic budget: A strategic budget is a long-term financial plan. It achieves the long-term goals…

Q: what are the three major objectives of budgeting?

A: A budget is a thorough roadmap of a company's economic activity. It is planned for the future based…

Q: Explain the role of budget in management cycle.

A: Management: It is an art of getting things done by others. The others include the employees of…

Q: Where are imposed budgets effective?

A: Imposed Budgets: These are top-down budgets which are made by top management and then imposed on…

Q: What are the various kind of budgeting and critically compare the fixed and variable budgeting and…

A: Budgeting is an important part of the business process. Without budgeting a business cannot track…

Q: How does activity-based budgeting explain the logic of budgeting?

A: Activity based budgeting: It is a budgeting system where budgets are prepared based on the expected…

Q: Why should each department participate in preparing its own budget?

A: In Accounting, Budget refers to a statement prepared on the basis of future plans and goals for a…

Q: s the uses and adv

A: Answer 1) Budget: Estimation of income and expenses of a Corporation for a particular set of…

Q: What type of procedure is a Budget vs. Actual comparison?

A: Budget is a statement of cost and revenue which are estimated at the start of the period  Actual is…

Q: A cash budget and an income statement have many similarities. What are the main differences between…

A: Budget is an estimation of expenses and revenues over a future period which needs to be rechecked…

Q: IDENTIFY AND DISCUSS THE DIFFERENCES BETWEEN STATIC AND FLEXIBLE BUDGETS.

A: A budget is defined as a plan layout designed for a particular period. It involves planning costs…

Q: Why is the Revenue budget considered the starting point for the master budget

A: We can say that the master budget is the aggregation of all lower level budgets.

Q: What is captial budgeting? Why a separate capital budget is needed?

A: The term capital budgeting comprises of two words, "Capital" means the funds needs for the…

Q: What is a budget contingency and what are three reasons it might be useful?

A: In the context of project management, a contingency budget is a sum of money set aside to cover…

Q: Please list the three major objectives of budgeting.

A: BUDGET: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: What is the difference among a master budget, pro forma budgets, and a flexible budget?

A: A budget is a financial plan that is prepared by all organizations for a particular period. The…

Q: Activity-based budgeting is a budget system based on expected activities. Describe activity-based…

A: Activity Based Budgeting is a system of budgeting that records , researches , analyzes and interpret…

Q: Describe the objectives of budgeting.

A: Definition: Budgeting: Budgeting is a process to prepare the financial statement by the manager to…

Q: discuss the different budgetary types and identify their main characteristics

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: Why is planning, supervising, and reviewing the budget important in budgeting model

A: Answer : Planning ,supervising and reviewing the budget is very important in budgeting model The…

Q: Briefly discuss the budgeting process  and explane  how  the budgeting process satisfies the purpose…

A: Budgeting process: The process of streamlining the future expenditure process by predicting or…

Q: a.Identify the budget preparation approach used

A: An Estimate is the process of calculation or judgement of the value, number, quantity.It is a kind…

Q: Which of the following is a use of budgets for control? * A. plans can be made for the future B.…

A: Controlling activities are those activities which aid in monitoring the performance of a particular…

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.