Which of the following is a correct definition of budget? Select one: a. A financial and/or quantitative statement, prepared and approved prior to define period of time, of the policy to be pursued during that period for the purpose of attaining a given objective b. A financial statement which reports the achieved and not achieved objectives of the company for a period of time.  c. A statement which includes the strategic objectives of a company to be achieved in the long term. d. A financial and/or quantitative statement, prepared and approved after a define period of time, of the policy pursued during that period for the purpose of evaluating the objectives achieved. Clear my choice

Q: The final output of the operating budget is ________. a-budgeted statement of cash flows…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Which is the mostly likely purpose of budgeting? a. Assess the non-financial performance of an…

A: Budgeting refers to preparing a plan or schedule in order to estimate the income that can be earned…

Q: what is the source document for realignment of budget transaction for budgetary accounts?

A: The budget means the estimate of all-expense where the amount is spent. It is an estimate that the…

Q: Define the terms relative-performance (relative-improvement) contract and rolling financial…

A: Relative performance: It is related to the evaluation of the performance of an individual based on…

Q: In fiscal management of an LRTC: Why should we justify the budget? How can we develop cost-effective…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: Which of the following statements is/correct regarding the Cash Budget? The cash budget is a…

A: Cash budget - It is an estimate of cash inflow and cash outflow  of a company . Cash budget are…

Q: A budget: A.is used to determine if a product should be continued or discontinued B.complies…

A: The budget is prepared by the business organizations so as to know the expected revenue and expenses…

Q: A budgeted income statement is prepared from which budgets

A: The budget is prepared to estimate the requirements for the future period.

Q: Which of the following statements is true concerning the recording of a budget? Choose the…

A: Budget is the estimation by the individual, group or government at the beginning of the period to…

Q: The budgeted balance sheet is part of which element of the master budget? Financial budget…

A: The Financial budget is a part of master budget which shows cash inflows and cash outflows by using…

Q: In an organization that plans by using comprehensive budgeting, the master budget is The booklet…

A: Budgets are the estimates or forecasts made by the business for the future period of time. These…

Q: Which of the following budgets will show the expected cash receipts and expected cash disbursements…

A: In an organization budgets are prepared for the efficient allocation of resources and for the…

Q: In which section of the CAFR are the budget-to-actual comparisons of the major funds located? What…

A: The question is related to Comprehensive Annual Financial Report (CAFR). There are three sections of…

Q: Which of the following is the cornerstone of the master budget? a. The selling and administrative…

A: Master Budget: It includes companies budget plan for purchases, production, overhead, cost of goods…

Q: Which of the following is not an element of the master budget?a. The capital expenditures budget. b.…

A: Definition:

Q: master budget include

A: Master budget is a set of budgets of various activities in an entity.

Q: Determine the budget for the department assuming that it uses flexible budgeting.

A: Direct labor cost per hour of production = Budgeted direct labor cost/ Budgeted production hours =…

Q: Identification. 1. The collection of all area and activity budgets representing a firm’s…

A: Budgeting is the practice of planning how money will be spent. This expenditure plan is referred to…

Q: Understand commonerrors made in preparingp erformance reports based on budgets and actual results.

A: Budget:   A budget is a statement of estimated revenues and expenditures for a specific period of…

Q: Explain budgetary reporting requirements.

A:

Q: Why do the authors suggest that a thorough review of the firm’s chart of accounts, account…

A: The entire budgeting and planning exercise involves careful review and analysis of the revenues and…

Q: Analyze the nature and purpose of budgeting, the stages involved in the preparation of budgets,…

A: Budgeting is a process of making a plan to spend money. The spending plan is called budget. It helps…

Q: Which of the operating budgets is prepared first?A. production budgetB. sales budgetC. cash received…

A: Budgets are the estimates or forecasts that are being made for future period of time. Budget…

Q: With regards to financial statements, "pro forma" means  A) budgeted. B) prepared in advance. C)…

A: The pro forma means = A matter of form, It is prepared for presenting the financial projected…

Q: Which of the following is NOT one of the essentials of a budget? Select one: a. It has a standard…

A: The purpose of budgeting is strictly for management for internal analysis and performance…

Q: nich of the following statements is true? Multiple Choice A flexible budget is an estimate of what…

A: Flexible budget is prepared using the planned budget for the different levels of activity. Static…

Q: A company is planning to prepare Budget for the year 2022. In the budgeting and planning process,…

A: The strategic plan is the planning report that specifies the organizational goal, the procedure of…

Q: Which of the following accounts would appear ona budgeted balance sheet? Multiple Cholce All of the…

A: Solution: In a Balance sheet, Assets, liabilities and Equity accounts are represented. However…

Q: Why is a clear understanding of management’s goals and objectives necessary for effective budgets?

A: Budgeting is a process of planning future expenses and income so that an organization ensure the…

Q: Development of Budget

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

Q: he objectives of budgeting are to: a. Establish specific goals for future operations b. Execute…

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

Q: What are the budgeted financial statements? How do they differ from regular financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What is the process for developing a budgeted balance sheet?

A: The budgeted balance sheet is a report that a firm uses to examine the estimation of assets,…

Q: Briefly explain at least three ways in which a business mayexpect to benefit from preparing a formal…

A:

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: The budgeted balance sheet is prepared based on the __________ and __________ budgets. a.sales;…

A: 1. Sales Budget: A sales budget is prepared to estimate the sales value to be achieved.   2. Sales…

Q: Which of the operating budgets is prepared first? Group of answer choices C. cash received budget D.…

A: Master Budget: It is the sum  of all lower-level budgets prepared  by a company's various functional…

Q: An accounting statement that presents predicted amounts of the company's assets, liabilities, and…

A: Balance sheet refers to the one of the financial statements which is prepared by the companies at…

Q: Which of the following statements is/correct regarding the Cash Budget? I. The cash budget is a…

A: Cash budget is a statement which provides for the expected cash inflows and outflows of the firm for…

Q: Which of the following components is a part of the financial budget?   Question 7 options:…

A: >Financial Budgets are prepared before start of the concerned period.>These budgets are…

Q: Prepare a Pro Forma Statement of Comprehensive Income Statement Budget

A: Statement of Comprehensive Income refers to the income statement which includes the details of the…

Q: Which of the following is a use of budgets for control? * A. plans can be made for the future B.…

A: Controlling activities are those activities which aid in monitoring the performance of a particular…

Cash budget

A cash budget is an estimate of an organization's cash flow for the future period. A cash budget forecasts future cash receipts and payments from various sources for a fiscal year. A cash budget can be created once a month or once a week to determine the organization's cash position and ensure its performance in relation to the budget. It aids in determining whether the company has enough cash and cash equivalents to meet its operational needs in the future. If cash receipts are insufficient to cover future expenses, an organization may plan to obtain funds from other sources. After estimating the sales, purchase, and capital expenditure budgets for the year, management develops a cash budget. These budgets are created to ensure that an organization's cash flow is managed. It is important to note that only cash transactions are recorded when actual cash enters and exits an organization.