Explain the specific roles of planning, motivation, communication, evaluation and control in a system of budgetary control

Q: Why is participative budgeting often an effective management tool?

A:

Q: How can budgeting be used for strategic allocation of resources?

A: In budgeting, standards are set for the next period so that actual performance could be directed…

Q: Which provides the most benefit to an organization, a budget or the budgeting process? Why?

A: Budget: A budget is a systematic allocation of resources to different departments depending on the…

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 motivates PFG to install a budgeting and planning system?

A: Planning and Budgeting is an analytical application that helps to set top-down targets and generate…

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: What functional role do management accountants play in the budgeting process?

A: A budget is a type of financial plan that is used by managers to estimate revenues and expenses for…

Q: 1.) Why is it necessary to determine and confirm scope and nature of budgetary planning activity…

A: answer It is necessary to determine and confirm scope and nature of budgetary planning activity with…

Q: Explain what you understand by Budgets, Fixed budgets and Flexible budgets in the context of control…

A: Organizations produce budgets for a variety of purposes, including cost control, performance…

Q: What are the risks and benefits of both internal and external budget preparation?

A: Budgeting is a process in which selected organizations and individuals are assigned certain…

Q: What is the role of the Office of Management and Budget OMB?

A: Office of the Management and the Budget (OMB):   This is the office which is part of the Executive…

Q: Explain what you understand by Budgets, Fixed Budgets and Flexible Budgets in the context of control…

A: Companies prepare budgets for various reasons such as controlling costs, evaluating performance, or…

Q: Explain why budgets are useful and how management philosophy can influence the budget process.

A: Budget is the estimated data which is prepared or estimated in advance, in simple terms before…

Q: Explain the concept of control and budgetary control

A: SOLUTION- CONCEPT OF CONTROL- IT IS ONE OF THE IMPORTANT FUNCTION OF MANAGER . IN ORDER TO SEEK…

Q: how budget process fits into management’s planning process?

A: Planning as well as budgeting are critical components of managerial control. Efficient planning and…

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: Discuss the importance of predictions and assumptions in the budgeting process.

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Q: Analyze the nature and purpose of budgeting, the stages involved in the preparation of budgets,…

A: Budgeting is a process of making a plan to spend money. The spending plan is called budget. It helps…

Q: One benefit of budgeting is coordination and communication. Explain what this means.

A: Budgeting: It is the process where the planning is done for spending less than the earning.

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: Describe the flow of budget data in an organization

A: Budget:   A budget is a statement of estimated revenues and expenditures for a specific period of…

Q: how would management use a Master budget?

A: A master budget is a central planning mechanism used by a management committee to direct a…

Q: balance criteria in budgeting?

A: while making balance criteria in budgeting i always follow these steps; Establish your budgetBefore…

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: How flexible budget through performance reporting is help for the management in determination of…

A: Budgeting refers to preparation of  estimated financial data using the past records. Flexible budget…

Q: Discuss how are budgets used to help organizations plan for future and how are budgets used for…

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

Q: Evaluate how a typical budgetary process is undertaken in a business organisation.

A: Budgetary procedure refers to the means through which the branches of executive and legislative…

Q: s the uses and adv

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

Q: Organizations rely on effective budgetary planning for successful financial performance. Explain how…

A: Budgeting: Budgeting is a process of estimating future income, expenses and cash flow for a future…

Q: Justify budgetary control solutions and their impact on organisational decision making to ensure…

A: Budgetary control is the control which is put in place by the company or the organization so that…

Q: Why is a clear understanding of management’s goals and objectives necessary for effective budgets?

A: Budgeting is a process of planning future expenses and income so that an organization ensure the…

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: plain the financial aspects of planning and costing as embe

A: Budget : It is an expression of an organisation's plan, policies and programmes in the form of…

Q: Describe the role of a budget director.

A:

Q: Explain participative budgeting

A: Budgeting is a process of making a financial plan with respect to income and expenditure. The…

Q: Budgets define goals and objectives that can serve as_________________ for evaluating…

A: Budgets refer to a estimated expense or income for a certain period based on relevant data such as…

Q: Explain the components of master budget.

A: Master Budget:   A master budget is defined as an aggregation of all the lower-level budgets that…

Q: Define the term master budget.

A: Budget:   Budget is an effective tool to present the estimated actions for future time period. It…

Q: What is the relationship between the master budget and responsibility accounting?

A: Definition of budget: According to CIMA Budget means " Quantitative expression of a plan for a…

Q: Describethe best practices you would implement when budgeting for an organization.

A: Budgeting is the management regular process in an organization to determine the future outcomes, and…

Q: Explain the role of budget in management cycle?

A: Budget is the term which is defined as the financial plan for particular period, generally for one…

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…

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.