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Accounting The Management Accountant has communicated a detailed budget to ensure that cost savings targets are achieved in the forthcoming period.  This is an example of:

Select each of the terms with the best description of its purpose. 1. Helps determine financing needs. Definitions 2. The usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A budgetary cushion used to meet performance targets. 5. A comprehensive plan that consists of several budgets that are linked. 6. Employees affected by a budget help in preparing it. Terms

Regarding Budgets, which of the following statements is true? a. A budget is a business plan for the short term. O b. A periodic budget is prepared for a particular period of time. O c. Budgets are based on forecasts. However, the performance of a manager should be compared to a target that reflects the actual environment. O d. All the answers are true.

Select the term from the list of terms that best matches the description provided. Definition or Description A. This shows the inventory needs for each month. B. This shows the projected financial condition of the company at the end of the budget period. :48 C. Comparison of actual results to budget expectations in order to evaluate employee and/or department performance. D. Expected borrowing (financing activities) and related interest expense are shown in this budget. E. This budget is the starting point for the entire master budget. F. These are based on projected rather than historical information. G. This provides an advance estimate of the expected profitability. Term Help Sa < Prev 34 of 34 Next App Store X English (United States) Accessibility: Good to go Focus e Es PL X W

Which of the following accounts would appear on a budgeted balance sheet? Multiple Cholce All of the choices are correct. Income tax expense. Accounts receivable. Sales commissions. Depreciation expense.

Briefly (5-10) lines) give a written amswer to the following question: What function does an annual budget serve as a part of a company's performance measurement system and how can a budget be used to encourage goal congruence (or 'alignment')?

1. Which of the following is an advantage of the budgeting process? a. It forces management to focus on the past and not be distracted by the day-to-day operations of the business. b. It can communicate to employees specific information about their past performance to determine their promotion prospects. c. It can communicate to employees specific information about their past performance to determine their promotion prospects. d. It can communicate to employees information about their performance expectations in the period ahead.   2. Which one of the following statements regarding changing inventory costing methods is true? a. A change in inventory methods can be justified if the change is made to better match profits with revenue b. Changing inventory costing methods violates comparability c. One place that the reader of an annual report would be able to identify that a company changed inventory costing methods is the statement of shareholders' equity d. Changing inventory costing…

Provide a letter of advice:• discuss the key results of the income statement and cash budget• make one suggestion on how the client could improve the financial success of the cost management strategy• identify and discuss one non-financial factor that might affect the client’s decision to proceed with the chosen proposal• clearly state whether the client should proceed with the chosen proposal and why

Which of the following is not considered a benefit of the budgeting​ process?   a. Gives managers guidance when evaluating the performance of business operations. b. Determines the exact amount of revenues and expenses for the upcoming fiscal period. c. Helps managers achieve short-term and medium-term goals. d. Helps managers set long-term strategic plans.

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.

a. Based on the static budget report:1. What was the primary cause(s) of the loss in net income?2. Did management do a good, average, or poor job of controlling expense?3. Were management’s decisions to stay competitive sound?b. Prepare a flexible budget report for the year.c. Based on the flexible budget report, answer the three questions in part (a) above.d. What course of action do you recommend for the management of Alps Pastures

4.-To budget the customer balance in the projected balance sheet, two procedures can be followed that are hidden in the answers, which are? A) Opening balance plus credit sales for the budgeted period minus collections made. B) Apply current turnover to the budgeted period. C) Perform an aging analysis of customer balances. D) Project sales and outstanding balances for the last "n" years. E) Perform an actuarial calculation. Note:You can choose more than one option.

4.-To budget the customer balance in the projected balance sheet, two procedures can be followed that are hidden in the answers, which are? A) Opening balance plus credit sales for the budgeted period minus collections made. B) Apply current turnover to the budgeted period. C) Perform an aging analysis of customer balances. D) Project sales and outstanding balances for the last "n" years. E) Perform an actuarial calculation. Note:You can choose more than one option. Please double check your answer.

1. If a company uses participative budgeting, which group should prepare the initial set of budget dollar amounts? a. Budget committee b. Operating department managers c. Top management d. Accounting department

I have a finance team at work. As the year progresses, they need to maintain a record of cash flow and expenditure. What will they be required to do as a first step to building a budget? Question 1Select one: A. Find out the balance sheet of the company B. Find the profit and loss for the previous year C. Identify the expenditure and demand along with the cash flow of the company D. Build an income and expenditure statement Incorrect

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.

Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…

A company can expect to receive which of the following benefits when it starts its budgeting process? a. The budget provides managers with a benchmark against which to compare actual results for performance evaluation. b. The planning required to develop the budget helps managers foresee and avoid potential problems before they occur. c. The budget helps motivate employees to achieve sales growth and cost-reduction goals. d. All of the above

Use the guiding questions below to develop recommendations based on the June budget to help the manager of the marketing department • How does the budget help the marketing department coordinate their needs with other departments? • How can the budget be used to evaluate the marketing department’s performance?