“Production managers and marketing managers are like oil and water. They just don’t mix.” How can a budget assist in reducing conflicts between these two areas?
Q: What are the advantages and disadvantages of bottom-up budgeting process? What is budgetary slack?…
A: Bottom-up Budgeting Process It is a budgeting method that starts at the department level and moves…
Q: What is the primary difference between a static budget and a flexible budget? a. The static budget…
A: The budget can be understood as a quantitative plan that acts as an estimate of future operation.…
Q: Why is the sales budget so important to the budgeting process?
A: Budget: It is a statement of estimated revenues and expenditures set for a specific period of…
Q: Explaining Costs That Change with Flexible Budget Activity When preparing a company's flexible…
A: Budgets: Budgets are prepared for the planning and controlling purposes. Budgets facilitate…
Q: 1. Why it is important to get input from the sales manager in preparing a master budget? 2. What is…
A:
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: Budgets are the best management tool, but I think they can cause arguments and disagreements between…
A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…
Q: especially the materials being used in the production. One thing he noticed is that the actual…
A: budget is prepared by company in order to analyse the expenses and the source of income that company…
Q: Which of the budgets listed below is best for managers to use when planning revenues and expenses at…
A: Budget reflects the estimated figures of revenues and expenses over a specified period of time
Q: There are a number of benefits associated with budgeting. Which of the following is not frequently…
A: Budgeting refers to the process of estimation of revenues and expenses for an entity over a specific…
Q: “Production managers and marketing managers are like oil and water. They just don’t mix.” How can a…
A: Budget: The budget is a statement in which the estimated standards are set according to the needs of…
Q: “The difference between practical capacity and master-budget capacity utilization is the best…
A: Practical Capacity:Companies adjust the theoretical capacity based on the potential disruptions like…
Q: 1(a) "Accounting plays a relatively unimportant role in budgeting." Do you agree? Explain. (b)…
A: 1 (a) “Accounting plays a relatively unimportant role in budgeting” this statement is not correct…
Q: What are some challenges and weaknesses that a firm may find in the budgeting process?
A: The lack of proper monitoring and review, lack of clear policy and procedures on budgets, poor…
Q: What are the primary differences in budgeting between manufacturing and nonmanufacturing firms?
A: The primary difference between a manufacturing firm and a non-manufacturing firm is that the…
Q: difference between a flexible budget and a static budget?
A: A budget can be defined as an estimation or forecast of the income, revenue, and expenses for a…
Q: 'Budgeting has a number of different purposes including: Planning; Control; Performance evaluation;…
A: The purpose or motive of budgeting in business management has three aspects: Forecasting the…
Q: Slack in operating budgets makes an organization more efficient and effective. requires managers to…
A: Budgets are the forecasts or estimates that are made for future period of time. For the purpose of…
Q: Budgeting has a number of different purposes including: Planning; Control; Performance evaluation;…
A: A budgeting system helps an organization to plan and decide amount to be spent in a particular…
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: budget
A: A budget is most likely to be effective if
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: Budgeting is essential to businesses, but it is not that simple to implement. What are some…
A: Introduction: Budgeting is thought to be the purchase of important financial decisions that aid in…
Q: manager builds slack into a budget, how would that manager estimate revenues and expenses?…
A: Answer - Budgetary slack refers to the deliberate adjustment of additional cash outlays in…
Q: Is it really vital for a manufacturing company to prepare a budgeted income statement and balance…
A: A planned income statement anticipates profits, sales, and costs for the upcoming year or months.…
Q: The master budget will be different from business to business.This is due to all of the…
A: Solution Master budget is a comprehensive financial planning document . It is usually includes all…
Q: Why do organizations create budgets? What is the purpose or desired outcome? What would happen if…
A: Budget: Budget is the process of identifying, collecting, and summarizing the financial information.…
Q: Why does a company's budget need to be closely linked to the needs of good strategy execution? Why…
A: Because insufficient cash and other forms of resources hamper development and inhibit organisational…
Q: Should a manager blame his subordinates if a budget target is not achieved? Explain briefly! Give a…
A: Answer: Budget target is the statement which includes the target that is maintained as part of…
Q: Why do successful companies tend to use the bottom-up approach to establish a master budget?
A: The bottom-up approach increases the efficiency and productivity of the employees as the budget is…
Q: Explain the different reasons why a manager might submit a biased budget estimate.
A: A budget is a financial plan made by the company for a definite period such as for months or years.…
Q: Criticize the following quotation:“At our company, budgeted revenue is set so high andbudgeted…
A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…
Q: How can an organization help to reduce the problems caused by budgetary slack?
A: Definition: Budgetary slack: The manager intentionally creates a slack into the budget as to avoid…
Q: If a manager is not able to meet the budget and it has been ________________ , the manager can…
A: Budgeting is an important part of the business process. Without budgeting a business cannot track…
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: Why would a company use zero-based budgeting,given that it requires more time and effort from…
A: Budgets are the forecasts or estimates that are made for future period of time. Process of making…
Q: Which of the following is not an advantage of participative budgeting?a. It encourages budgetary…
A: Participatory budgeting involves lower-level management personnel in the creation of the budget.…
Q: sales commissions are increased, which cash budgets are affected
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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: since flexible budget is more accurate in measuring performance, can company just develop flexible…
A: A static budget is the starting point for the company. When the business term is six months, for…
Q: Are these all true? need it asap TIA. The objective of setting a transfer price is to…
A: The objective of setting a transfer price is to motivate managers to behave in a manner that will…
“Production managers and marketing managers are like oil and water. They just don’t mix.” How can a budget assist in reducing conflicts between these two areas?
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- “Production managers and marketing managers are like oil and water. They just don’t mix.” How can a budget assist in reducing battles between these two areas?Which of the following explains why managers compare the budgeted costs to actual costs? a. Managers only focus on the budgeted costs and infrequently compare these with actual costs. b. Managers only want to know how well they did to control costs. c. Managers never compare budgeted costs to actual costs. d. Managers evaluate how well they did to control costs and learn how to do better in the future. e. Managers only want to learn how to make better decisions in the future.Why would a company use zero-based budgeting,given that it requires more time and effort from managersthroughout the company?
- “The difference between practical capacity and master-budget capacity utilization is the best measure of management’s ability to balance the costs of having too much capacity and having too little capacity.” Do you agree? Explain.Briefly describe human behavior problems that might arise if budget goals are set too tightly. What behavioral problems are associated with setting a budget too loosely? When would a company use zero-based budgeting? Why should the production requirements outlined in the production budget be carefully coordinated with the sales budget?Various types of budgets facilitate understanding about the big picture of a business. There are budgets that are set and unchangeable, as well as budgets that allow for variability. •What are two different types of budgets? And how do they compliment each other? •What is the difference between a flexible budget?and a static budget? •Which budget works best for a business?
- What are standard costs and why do companies use standard costs? Discuss the difference between ideal and practical standards. Which is most useful to a company and why? In your opinion, what are the two most significant advantages and disadvantages of using standard costs? Support your opinion. What is a static planning budget? Is it useful? Why or why not? What is a flexible budget? How does it differ from a static planning budget? Explain why the flexible budget more useful than the static planning budget.Why does preparing the master budget require a committee? Can't a medium-large company get by with directives from the CEO/CFO? What are some of the pitfalls under this scenario? When are sales and cost variances favorable?What behavioral problems are associated with set- ting a budget too loosely? 2. Why should the production requirements set forth in the production budget be carefully coordinated with the sales budget?
- “Budgets are the best management tool, but I think they can cause arguments and disagreements between different budget holder.” According to this quote, discuss in detail the possible advantages of budgeting.Efficient and effective use of limited resources is the key to success in today’s economy. Assisting in the budget planning process is a major task for managerial accountants. All organizations have limited resources, but whom in the organization should be involved in the budgeting process?1. Which of the following is true?a) The direct materials purchase budget is determined from the direct labour budget.b) The only budget providing input into the revenue budget is the sales budget.c) The direct materials purchase budget and the capital expenditures budget are both determined from the production budget.d) The selling and administrative expense budget is input into the forecasted cost of goods sold. 2. Which of the following describes decision making at the tactical orfunctional level?a) Senior management will need to make long-term decisions about the future of the whole business. Therefore, strategic decisions will be made about which markets the business is to operate in, whether to bid to take over a competitor, etc.b) These decisions are made in focusing on the medium-term future of the business, say looking at the 12-18-month pricing strategy for a product, deciding what products to stock over the summer months, etc. They tend to be focused on particular business…