n respect to GASB, how important is budgeting?
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- Which approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgetingWhat are the advantages and disadvantages of the bottom-up budgeting approach?Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating losses
- If management is being evaluated on their ability to manage a budget, what can they do to increase cash flow?"budget performance is a better criterion than past performance for judging managers." Do you agree? ExpalinWhich among the following is not an element of budgeting? a. Budgeting should state the firm’s expectations clearly b. The targets fixed should be very high in budgeting. c. Good system of accounting is essential. d. The authority and responsibility should be clearly fixed.
- 1. What is the difference between strategic and operational plans?2. What is the purpose of financial plans?3. What are the component of an operations plans?4. What are the pro forma financial statements?5. What is the percentage of sales forecasting method? What are some of the limitations financial analysis should be aware of in applying this method?6. What is a cash budget? What are the usual steps involved in preparing a cash budget?7. Explain the difference between deterministic and probabilistic financial planning models.Which of the following is not an accepted principle of effective budgeting? A• Flexibility B• Top management support C• Communication of results D• Responsibility accountingDefine the terms relative-performance (relative-improvement) contract and rolling financial forecast. What role for these is envisioned by critics of the traditional budgeting process?
- Which of the following is not the key purpose of budget: Planning Controlling and Administering Reporting and evaluating Maximizing the profit‘Budgeting has a number of different purposes including: Planning; Control; Performance evaluation; Motivation. Some managers believe that zero-based budget is more beneficial than other types of the budget for firms.’ Critically discuss the above statement with reference to academic literature. In your discussion, you should refer to the budgeting systems zero-based and incremental.Activity-based budgeting focuses on estimating the costs of activities rather than the costs of departments and plants. True or False?