What are the advantages and disadvantages of incremental and zero-based budgeting pt 2628608cmid-271088page=3ww.e Management I exam 26 Noveber 2021a) Covid 19 affected budgeting processes, with funds being shufted to procure personal protective eppenentthis in mind, explain the advantages and disadvantages of incremental and zere-based budgetingb) List five interventions that will help resolve poor mement of Boareverent degartmetsAdvantagesy conoienttent and uoer

Budgeting involves estimation of expenses and revenues of an entity over a specific period of time.

Answered: What are the advantages and…

Business

Accounting

What are the advantages and disadvantages of incremental and zero-based budgeting

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 13.2.7P

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Ma1. Which of the following statements is true? A. Budget reports comparing actual results with planned objectives should be prepared only once a year B. OA static budget is most useful for evaluating a manager's performance in controlling variable costs C. The master budget is not used in the budgetary control process D. OA static budget ignores data for different levels of activity
Blanks in order 1.does not exceed,exceed,meets 2.may want to revise her budget to meet the target,even thought she believes the assumptions of such a budget to be unreliable/will likely have no reservations about submitting it to headquarters 3.increase the net income by $16000,putting actual results well above the target/lower the net income by $16000,increasing the amount by which the divison is underbudget/not affect net income 4.because of the uncertainty,changing the useful lives now to improve the financial results is within the realm of ethical behavior/regardless,changing the accounting method to make the financial results look better is not ethical 5. change the depreciation schedules to save the manager's job,as the change is not in violation of ethical code/not change the depreciation schedules as it is unethical
Do not provide solution in imge format. and also do not provide plagarised content otherwise i dislike. The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year.CashEnding Balances ?Accounts receivable$ 8,700Supplies inventory$ 5,100Equipment$ 37,000Accumulated depreciation$ 15,000 $ 2,400Accounts payableCommon stock$ 5,0007Retained earningsThe beginning balance of retained earnings was $34,000, net income is budgeted to be $18,700, and dividends are budgeted to be $5,200.Required:Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.
Which of the following is NOT true of the budgeting process? Question 8 options: Budgeting provides feedback to management to aid in assessing how well it's reaching its goals. Budgets force managers to plan for the future. Budgets force managers to consider relations among operations across the entire value chain. The performance report is prepared as part of the master budget.
Match the definitions 1 through 8 with the term or phrase a through h. a. Budget e. Master budget b. Top-down budgeting f. Budgetary slack c. Participatory budgeting g. Sales budget d. Cash budget h. Budgeted income statement 1. Shows expected cash inflows and outflows and helps determine financing needs. 2. A plan showing units to be sold; the usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A formal statement of future plans, usually expressed in monetary terms. 5. Approach in which top management passes down a budget without employee input. 6. A budgetary cushion used to meet performance targets. 7. A comprehensive business plan that includes operating, investing, and financing budgets. 8. Employees affected by a budget help in preparing it.
indicate yes if it describes a potential benefit of budgeting orno if it describes a potential negative outcome of budgeting. Some employees might overstate expenses in budgets.
43. A flexible budget: Group of answer choices a. presents the plan for only one level of activity and does not adjust to changes in the level of activity. b. resents the plan for a range of activity so that the plan can be adjusted for changes in activity levels. c. presents a statement of expectations for a period of time but does not present a firm commitment. d. classifies budget requests by activity and estimates the benefits arising from each activity.
Matching Following are a number of key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–12). Note that not all key terms and concepts will be used. Answers are provided at the end of this chapter.a. Budgetingb. Top-down budgetingc. Participative budgetingd. Zero-based budgetinge. Single-period budgetf. Rolling (or continuous) budgetg. Operating budgeth. Budget slack (or budget padding)i. Cash budgetj. Committed costk. Discretionary costl. Standard costm. Ideal (or engineered) standardn. Attainable standardo. Past experience standardp. Predetermined overhead application rate____ 1. A budgeting process that involves justifying resource requirements based on an analysis and prioritization of unit objectives without reference to prior period budget allowances.____ 2. A budgeting approach that implies little or no input from lower levels of…
Match each definition with its related term by selecting the appropriate term in the dropdown provided. (Select "None of these are correct" if there is no term for the "Definition".) term list: Budgeted Balance Sheet Budgeted Cost of Goods Sold Cash Budget Financial Budgets Short-Term Objective Strategic Plan None of These are Correct
(a) Analyze the advantages and disadvantages of the below FOUR (4) budgeting systems. i) Modified Budgeting System (MBB) ii) Traditional Budgeting System (TBS) iii) Outcome Based Budgeting (OBB) iv) Program and Performance Budgeting System (PPBS) (b) The Malaysian government aims to reduce the deficit in budget due to expenditure commitment by the previous administration (Star, 2 Nov 2018). Recommend THREE (3) initiatives to the government on how to tackle the problem.
indicate yes if the item is an important budgeting guideline orno if it is not. Employees should have the opportunity to explain differences from budgeted amounts.
5. When developing a budget, an EXTERNAL factor to consider in the planning process is - Group of answer choices - the activities of competitors - development of new product - implementation of employee's retirement plan