Explain what responsibility accounting is and how budgets are used in responsibility accounting. How should the traditional budget system be evolved to promote innovation within the corporation?

Q: Many accountants believe that the most important benefit of the master budgeting process is the…

A: Master budget: The master budget is the core budget that describes the full process of budget. This…

Q: Identify at least three benefits of budgeting in helping managers plan and control a business.

A: Budgeting in a business has benefits and consequences that go beyond the financial dimension and…

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: Explained how the company's budgetary control system could be revised to improve its effectiveness.

A: The company is work on the budget to be initially made with a view to follow the pattern…

Q: Illustrate and explain budgeting as a managerial tool in government organizations to account for…

A: Managerial tools can be defined as those supportive business management tools which help the…

Q: Which of the following statement(s) related to budgets is/are TRUE? O In preparing a master budget,…

A: A budget is prepared with a view to estimate the revenues and expenses of the firm over a particular…

Q: What are the benefits of budgeting?

A: Budgeting is the process of designing, implementing, and operating budgets. It is the managerial…

Q: Efficient and effective use of limited resources is the key to success in today’s economy. Assisting…

A: Budgeting is a tool used in planning and controlling process of an organisation. It involves…

Q: How is the financial plan and budget related to a company’s strategic plan?

A: Strategic plans are long term action plans which direct a firm towards its goals. Financial plan and…

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: For the purpose of effective budgetary control, it is imperative on the part of each entity to have…

A: Budget is a statement which reflects Future inflow as well as outflow of cash for a particular…

Q: The role of Budget and Public Expenditure Management System in Ghanaian Public sector.

A: SOLUTION- This study investigates the factors impeding successful implementation of integrated…

Q: What are some additional considerations that arise when budgeting in multinational companies?

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

Q: For your area finance evaluate how appropriate the executive performance measures and incentives are…

A: The question is based on the concept of performance link incentives for top-level managers. The…

Q: resource constraint?

A: According to theory of constraints resources that is available in limited quantity need to be…

Q: Why do the authors suggest that a thorough review of the firm’s chart of accounts, account…

A: The entire budgeting and planning exercise involves careful review and analysis of the revenues and…

Q: Which of the following is not the direct benefit of the budgeting process?   Identification of…

A: The process of budgeting involves the estimation of the costs and revenues of the entity for future…

Q: Sales are often considered to be the principal budget factor of an organisation. Explain the meaning…

A: Sales budget presents the expected sales volume and sales value for the coming period.

Q: Budgets in governmental organizations serve :as all of the following except .a Control mechanisms .b…

A: Budget is the quantitative expression of estimated future course of action. For example, Sales…

Q: how budgeting is useful in managing businesses?

A: Budget: The forecast of transactions on the basis of the available resources for a particular period…

Q: A cash budget serves as a crucial guide in presenting information on the strength of an…

A: Organizational liquidity relates to an organization's speed, flexibility, scalability, acceleration,…

Q: Which of the following is NOT an objective of the budgeting process? O a. To communicate…

A: Please see the next step for the solution

Q: what is contemporary organization and would you recommend budgeting for contemporary organisations…

A: Contemporary organization It is a type of organizational structure that is fluid and it is easy to…

Q: Do you agree with this statement? Explain why or why not

A: Budgeting is the technique which is applied and made by each organization and any business more…

Q: Explain why it would be beneficial to prepare a cash forecast, or a cash budget, for an…

A: There are various reasons why cash forecast or cash budget is to be prepared. But the primary…

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: Explain the role and limitations of budgeting in business organizations. Support your answer with…

A: The answer is stated below:

Q: List and explain the application of statutory and legislative requirements as they apply to…

A: 1) Business is the set of functions, processes, and capabilities that produce most of the value…

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: While the operating budgets reflect the operating activities of the company, the financial budgets…

A: Cash Flow Statement - Cash Flow Statement includes three major activities like operating, Investing…

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: the use of both cash flow forecasts and financial budgets to aid decision-making within an…

A: Uses of cash flow forecasts: Cash flow forecasts are helpful in determining the amount of money that…

Q: Development of Budget

A: Budget is prepared to make projections of income and expenses of an entity at the discretion of…

Q: Describe the primary characteristics for governmental and not-for-profit entities. How does this…

A: The answers for the theory questions on the primary characteristics of governmental and not - for…

Q: Which of the following is correct? * G Capital budgeting process is under the controller's…

A: Accounting officer: An accounting officer is a person who is responsible for the financial record…

Q: Which of the following is true in a bottom-up budgeting approach?   a.Supervisors tell departments…

A: Management adapts the current year's budget to suit future objectives, making changes as needed.…

Q: What justification you would give to the firms board of directors for creation and maintenance of…

A: Training and development is the process of educating the employees about the work and culture of…

Q: Budgeting is the same across different organisations and industries, so organisational strategy,…

A: Budgeting are estimated standards set which acts like an yardstick for respective departments…

Q: geting can be adopted by a local ba

A: Activity Based Budgeting is the process of making a budget in which all the costs are as per the…

Q: Explain why many companies believe that cash flow budgeting is important

A:

Q: Under what conditions would you recommend using each of these funding methods to pay for information…

A: Funding is referred as an act of providing the resources for financing the requirement, projects, or…

Q: What are the difficulties that might face by management accountant in budgeting process?

A: The budgeting process is used in financial planning which includes setting goals and gathering data…

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.