What justification you would give to the firms board of directors for creation and maintenance of separate and sizeable budget for training and development.?

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 provides the most benefit to an organization, a budget or the budgeting process? Why?

A: Budget: A budget is a systematic allocation of resources to different departments depending on the…

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: Which one of the following best describes the role of top management in budgeting process? Top…

A: Role of top-level management in the budgeting process - - management must make that all the levels…

Q: The chief executive of your company has asked you to recommend an approach to be used in preparing…

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

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: Master budget is compiled of several operating budgets. Of these operating budgets, which budget…

A: the operating budget is such a statement that present the financial plan for each of the…

Q: Which of the following statements is false? Select one: a. According to responsibility accounting,…

A: The appropriate statements are chosen as per their accuracy and correctness.

Q: When developing a budget, an EXTERNAL factor to consider in the planning process is - Group of…

A: While planning process, both the internal and external factors are taken into consideration.…

Q: Which of the following is not considered a benefit of the budgeting​ process?   a. Gives managers…

A:

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: What is the impact of responsibility reporting and budgeting on an organization?

A: A manager's performance is evaluated based on matters that are directly under the control of that…

Q: According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in…

A: Budgets are quantitative plans which are used for allocation of resources, comparing and controlling…

Q: How is the financial plan and budget related to a company’s strategic plan?

A: Strategic plans are long term action plans which direct a firm towards its goals. Financial plan and…

Q: the chief executive of your company has asked you to recommend an approach to be used in preparing…

A: Definition:   Budget: Budget is the financial Planner for a future period. Budgeting helps in…

Q: Which of the following is an example of the planning function of the budgeting process? A. A budget…

A: Budgeting process: The process of streamlining the future expenditure process by predicting or…

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: How can a company’s board of directors use the budget to influence the future direction of the firm?

A: Definition: Budget: Budget is the process of identifying, collecting, and summarizing financial…

Q: [2] In the budgeting and planning process for a firm, which one of the following should be completed…

A: SOLUTION- STRATEGIC PLANNING IS A PROCESS IN WHICH ORGANIZATIONAL LEADERS DETERMINE THEIR VISION FOR…

Q: resource constraint?

A: According to theory of constraints resources that is available in limited quantity need to be…

Q: In a company with different business units, individual managers make decisions by changing various…

A: Sensitivity Analysis: Sensitivity analysis is a financial model that shows how modifications in…

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: When the budgeting process is communicated according to corporate policy, the employees involved are…

A: The process of preparing budgets is known as the budgeting process. A budget is basically a…

Q: Which of the following is not a benefit of budgeting? a. It sets some standards to evaluate…

A: Budgeting is the activity of planning of costs and expenses for an entity. It is one of the most…

Q: Which of the following is not the direct benefit of the budgeting process?   Identification of…

A: The process of budgeting involves the estimation of the costs and revenues of the entity for future…

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

A: Budget is the quantitative expression of estimated future course of action. For example, Sales…

Q: measures will you provide to

A: To have quality recruits, a pool of candidates must be generated to allow for good selection…

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: Explain the role and limitations of budgeting in business organizations. Support your answer with…

A: The answer is stated below:

Q: List and explain the application of statutory and legislative requirements as they apply to…

A: 1) Business is the set of functions, processes, and capabilities that produce most of the value…

Q: Discuss how are budgets used to help organizations plan for future and how are budgets used for…

A: Budgeting is an important part of the business process. Without budgeting a business cannot track…

Q: Explain what responsibility accounting is and how budgets are used in responsibility accounting. How…

A: Responsibility accounting: Responsibility accounting includes accounting and forecasting. It assists…

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: Why should each department participate in preparing its own budget?

A: In Accounting, Budget refers to a statement prepared on the basis of future plans and goals for a…

Q: Which of the following best describes the role of top management in the budgeting process? Should…

A: Correct option is 3.Should be enthusiastic and committed to the budget process

Q: Please select the correct answer “Communication” a.is when a department is willing to prepare a…

A: Communication is the mutual exchange of information between the sender and receiver. Communication…

Q: Development of Budget

A: Budget is prepared to make projections of income and expenses of an entity at the discretion of…

Q: Which of the following is a correct definition of budget? Select one: a. A financial and/or…

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Which of the following is correct? * G Capital budgeting process is under the controller's…

A: Accounting officer: An accounting officer is a person who is responsible for the financial record…

Q: Which of the following is a correct definition of budget? Select one: O a A financial and/or…

A: Planning is an important process under the cost accounting, an organization can not achieve their…

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: 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: Which of the following is a correct definition of budget? Select one: O a. A statement which…

A: Budget means quantitative expression of future course of business which is predetermined or prepared…

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: Give one example of a plausible activity base to use in flexible budgeting for each of the following…

A: Definition: Variance Analysis: Variance analysis is the process of evaluating the differences…

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…

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.