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- Taylor Speedy has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management. Identify each statement as true or false. Financial accounting centers on providing information to internal users. Staff positions are directly involved in the companys primary revenue-generating activities. Preparation of budgets is part of financial accounting. Managerial accounting applies only to merchandising and manufacturing companies. Both managerial accounting and financial accounting deal with many of the same economic events.Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.For each of the following situations, two scenarios are described, labeled A and B. Choose which scenario is descriptive of a setting corresponding to activity-based responsibility accounting and which is descriptive of financial-based responsibility accounting. Provide a brief commentary on the differences between the two systems for each situation, addressing the possible advantages of the activity-based view over the financial-based view. Situation 1 A: The purchasing manager, receiving manager, and accounts payable manager are given joint responsibility for procurement. The charges given to the group of managers are to reduce costs of acquiring materials, decrease the time required to obtain materials from outside suppliers, and reduce the number of purchasing mistakes (e.g., wrong type of materials or the wrong quantities ordered). B: The plant manager commended the manager of the Grinding Department for increasing his departments machine utilization ratesand doing so without exceeding the departments budget. The plant manager then asked other department managers to make an effort to obtain similar efficiency improvements. Situation 2 A: Delivery mistakes had been reduced by 70 percent, saving over 40,000 per year. Furthermore, delivery time to customers had been cut by two days. According to company policy, the team responsible for the savings was given a bonus equal to 25 percent of the savings attributable to improving delivery quality. Company policy also provided a salary increase of 1 percent for every day saved in delivery time. B: Bill Johnson, manager of the Product Development Department, was pleased with his departments performance on the last quarters projects. They had managed to complete all projects under budget, virtually assuring Bill of a fat bonus, just in time to help with this years Christmas purchases. Situation 3 A: Harvey, dont worry about the fact that your department is producing at only 70 percent capacity. Increasing your output would simply pile up inventory in front of the next production department. That would be costly for the organization as a whole. Sometimes, one department must reduce its performance so that the performance of the entire organization can improve. B: Susan, I am concerned about the fact that your departments performance measures have really dropped over the past quarter. Labor usage variances are unfavorable, and I also see that your machine utilization rates are down. Now, I know you are not a bottleneck department, but I get a lot of flack when my managers efficiency ratings drop. Situation 4 A: Colby was muttering to himself. He had just received last quarters budgetary performance report. Once again, he had managed to spend more than budgeted for both materials and labor. The real question now was how to improve his performance for the next quarter. B: Great! Cycle time had been reduced and, at the same time, the number of defective products had been cut by 35 percent. Cutting the number of defects reduced production costs by more than planned. Trends were favorable for all three performance measures. Situation 5 A: Cambry was furious. An across-the-board budget cut! How can they expect me to provide the computer services required on less money? Management is convinced that costs are out of control, but I would like to know whereat least in my department! B: After a careful study of the Accounts Payable Department, it was discovered that 80 percent of an accounts payable clerks time was spent resolving discrepancies between the purchase order, receiving document, and the suppliers invoice. Other activities such as recording and preparing checks consumed only 20 percent of a clerks time. A redesign of the procurement process eliminated virtually all discrepancies and produced significant cost savings. Situation 6 A: Five years ago, the management of Breeann Products commissioned an outside engineering consulting firm to conduct a time-and-motion study so that labor efficiency standards could be developed and used in production. These labor efficiency standards are still in use today and are viewed by management as an important indicator of productive efficiency. B: Janet was quite satisfied with this quarters labor performance. When compared with the same quarter of last year, labor productivity had increased by 23 percent. Most of the increase was due to a new assembly approach suggested by production line workers. She was also pleased to see that materials productivity had increased. The increase in materials productivity was attributed to reducing scrap because of improved quality. Situation 7 A: The system converts materials into products, not people at work stations. Therefore, process efficiency is more important than labor efficiencybut we also must pay particular attention to those who use the products we produce, whether inside or outside the firm. B: I was quite happy to see a revenue increase of 15 percent over last year, especially when the budget called for a 10 percent increase. However, after reading the recent copy of our trade journal, I now wonder whether we are doing so well. I found out that the market expanded by 30 percent, and our leading competitor increased its sales by 40 percent.
- C Justin Bleeber has prepared the following list of statements about mi accounting, financial accounting, and the functions of management. Financial accounting focuses on providing information to internal users.Staff positions are directly involved in the company's primary revenue-generating activities.Preparation of budgets is part of financial accounting.Managerial accounting applies only to merchandising and manufacturing companBoth managerial accounting and financial accounting deal with many of the same economic events.Managerial accounting reports are prepared only quarterly and annually.Financial accounting reports are general-purpose reports. IManagerial accounting reports pertain to subunits of the business.Managerial accounting reports must comply with generally accepted accounting principles.The company treasurer reports directly to the vice president of operations.Instructions Identifv each statement as true or false. If false, indicate how to correct the statement. 11-361) Which of the following is a resource constraint? a) Machine hours available b) Sales commissions c) Cost per unit d) Budgeted overhead 2) Development of a budget ____________. a)Is required by GAAP. b) Is required by tax authorities. c) Enhances communication and coordination among managers. d) Enhances borrowing limit of the firm. 3) Which of the following statements relating to budgeting is NOT true? a) A budget is a formal document that quantifies a company’s plans for achieving its goals. b)Budgets are useful in the control process because they provide a basis for evaluating performance. c) A bottom-up approach to budgeting involves substantial input from lower level managers. d) Most managers believe that budgeting is more successful when a top-down approach rather than a bottom-up approach is used.Describe how and why managers of companies use budgets. In doing so, cite three advantages of using budgets to manage businesses. Additionally, cite three mistakes that are often made by companies in setting their budgetary goals or standards. Provide an example of how each of these three mistakes can negatively impact the business.
- “Budgeting is the same across different organisations and industries, so organisational strategy, industry and the broader goals and objectives of a business are not of much importance in the budgeting process”. Do you agree with this statement? Explain why or why not So far this questioned was answered before with: The statement cannot be agreed, as budget preparations vary from company to company as per the company's goals and strategies. Budgeting is estimated standards set which acts like an yardstick for respective departments (purchase, sales, production etc.) to perform. These budgets serve as a guidelines or target for the department to achieve effective and efficient output. These budgets are prepared analysing the past performance and other factors such as capacity and procedures and policies of the organisation I feel this needs to be explained more - could you please write another 100 words explaining this question please :))Which of the following statements is/are true? Statement 1: Under Operational excellence strategy, companies strive to offer higher quality products than rival companies.Statement 2: Budgets are usually prepared under the direction of the treasurer, who is the manager in charge of the accounting department.Statement 3: Centralization is the delegation of decision-making authority throughout an organization. Statements 1 and 2 All statements are true Statement 3 only All statements are false Statement 1 onlyJustin Bleeber has prepared the following list of statements about managerial accounting, financial accounting, and the functions of management.Identify each statement as true or false. 1. Financial accounting focuses on providing information to internal users. TrueFalse 2. Staff positions are directly involved in the company’s primary revenue-generating activities. TrueFalse 3. Preparation of budgets is part of financial accounting. TrueFalse 4. Managerial accounting applies only to merchandising and manufacturing companies. TrueFalse 5. Both managerial accounting and financial accounting deal with many of the same economic events. TrueFalse 6. Managerial accounting reports are prepared only quarterly and annually. TrueFalse 7. Financial accounting reports are general-purpose reports. TrueFalse 8. Managerial accounting reports pertain to subunits of the business. TrueFalse 9. Managerial…
- Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following situations will likely lead to human behavior problems? a. allowing employees the opportunity to be a part of the budget process b. setting goals too loosely, creating a budgetary slack c. setting goals that are consistent across the firm d. setting goals that are reasonable and attainableWhile the operating budgets reflect the operating activities of the company, the financial budgets reflect the financing and investing activities. Group of answer choices True FalseWhich one of the following is not considered to be a benefit of participative budgeting? When managers set the final targets for the budget, top management need not be concerned with the overall profitability of current operations. Managers are more motivated to reach the budget goals because they participated in setting them. Individuals at all organizational levels are recognized as being part of the team; this results in greater support of the organization. The budget estimates are prepared by those in direct contact with various activities.