Illustrate and explain budgeting as a managerial tool in government organizations to account for changing revenues and costs.

Q: Managers should be closely involved in preparing their responsibility accounting budget. How true is…

A: Generally, managers should be involved in preparing their responsibility accounting budget.

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: The major objectives of any budget system are to Define responsibility centers, provide a framework…

A: Meaning of Budgeting System :- An effective budgeting system is vital to the success and survival of…

Q: Which is the mostly likely purpose of budgeting? a. Assess the non-financial performance of an…

A: Budgeting refers to preparing a plan or schedule in order to estimate the income that can be earned…

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: Why is it important to include a budgetary committee in the budgeting process?

A: Budgeting is a process of forecasting of revenues, expenses, investments for the future period of…

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: When an organization involves its many employees in the budgeting process in a meaningful way, the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Why is it important that a firm prepares a budget and how they analyze the ongoing performance? What…

A: Budgeting is a financial plan that helps the organization in effective utilization of its resources.…

Q: What are the benefits of budgeting?

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

Q: A company can expect to receive which of the following benefits when it starts its budgeting…

A: Budgeting is the process of estimation of revenue and expenditure into the foreseeable future. It is…

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: Which of the following is NOT an objective of the budgeting process?  Group of answer choices a -…

A: Budgeting is a process to plan about the activities for the business with developing goals so as to…

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: How are standards used by management in evaluating organizational units, as to their budgetary…

A: A budget refers to the financial plan that is used by managers in order to estimate revenues and…

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

A:

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: A budget represents a target and aiming towards a target can be a powerful motivator. However,…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…

A:

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: How might a company benefit by sharing its own internal budget information with other companies?

A: Budget is the expression of future costs and revenues that business estimates.

Q: Which one of the following is not considered to be a benefit of participative budgeting? When…

A: Budgeting - Budgeting is the estimation made by the managers of the organization based on the past…

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: 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: Each of the following statements includes a pair of words within parenthesis. Indicate which of the…

A: Each of the following statements includes a pair of words within parenthesis. Indicate which of the…

Q: 1. How does budgeting provide important information to managers and operating personnel?

A: Budget is like preparing plan for the future process and it includes how efficiently sources or…

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: what is another name for tactical planing a) Budgetary planing  b)  operation planing c)…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Describe the role of a budget director.

A:

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

A: a. Budgets in governmental organizations serve the control mechanisms.  As the budgets helps…

Q: How do budgeted cost rates motivate the support-department manager to improve efficiency?

A:

Q: (3) Explain the ethical considerations as it relates to using budgets as a basis for rewarding…

A: 3)   Using budgets as a basis for rewarding managers can lead to conflict of interest. The managers,…

Q: Development of a budget ____________. a. Is required by GAAP. b. Is required by tax authorities. c.…

A: A budget refers to an estimate that helps to forecast the income that will be earned and expenses…

Q: How is the management of any company taking many decisions to achieve the goals of different…

A: Every company will have an objective to increase the profits of the company. All the decisions taken…

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

A:

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: Why are budgets so important for all organizations, and what are some advantages and disadvantages…

A: Budget Meaning: Budgeting allows you to plan the finances of your organization. Budgeting is one of…

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.