Week 5 Homework 2024_Chaitanya

Q5 A budget is 'accepted' by managers when they______. Select one: a. relates it to their own personal objectives b. receive the budget in writing c. are consulted by top management d. agree to it verbally

21

Flag question: Question 33   Why is budget important? Group of answer choices -It gives stakeholder good information about financial statement; -provide a good orderly management activities within an organization; -it is important to create balance sheet; -It is useful to manage liabilities.

This week we have covered the topic of budgeting. Effective budgeting and responsibility accounting are crucial for organizations to achieve financial stability and success in today's dynamic business environment. Considering this, respond to ONE of the following four questions for your initial response. How does the concept of responsibility accounting contribute to organizational accountability? If you have experiences from previous jobs, you can share those. Otherwise, find examples from companies through internet research, or share your insight on why you think this may matter. What do you think are the key components of a successful budgeting process within an organization? Are there any specific challenges that organizations may commonly face when implementing a budget? How can organizations strike the right balance between budgetary control and flexibility to adapt to changing market conditions? What are some best practices for adjusting budgets when necessary while still…

QUESTION 22 Which of the following are reasons to generate a pro forma cash budget on a monthly basis? a. An income statement indicates a profit but the budget may indicate a loss. b. A business can monitor the actual cash on hand. c. Sales are recognized as income when the sale is made. d. All of the above.

Question 5 Evaluate 2 types of budgeting used in a medium sized private company with identification of merits and disadvantages of each method. a) b) What is an annual budget? Do all companies need to provide annual budgets? Please justify your answer.

7

A) Enter True or False    1.   ________   An important part of the planning process is the creation of a budget.   2.   ________   Operating budgets focus on the financial resources needed to support operations including cash receipts and disbursements, capital expenditures and financing.   3.   ________   Budgets can also create a “use-it-or-lose-it” mentality that encourages managers to spend their entire budgets to avoid a reduction in resources in the next budget period.   4.   ________   The starting point of the planning process is management’s strategic plan or vision of what they want the organization to achieve over the long term.   5.   ________   A short-term objective is a specific goal that managers want to achieve in more than a year to reach their long-term goals.   6.   ________   Planning is the forward-looking phase of the planning and control process that involves setting long-term objectives and defining short-term…

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

Part C:     Budgeting and Financial plan Required: Research Unilever PLC and complete the following task:   Task 3A:   Critically evaluate the impact of budgeting process on any potential project and demonstrate how budgets, objectives, and strategic plans are related. Task 3B: Briefly discuss the significance of Business plan and analyse key elements of its financial plan section of a proposed business plan.     Task 3C:   There is a growing nascent for using of Artificial Intelligence (AI) and Machine Learning (ML) in financial community. Critical discuss (in 5-line ofwords), how either AI or ML could be effective in preparing a long-term budget.

QUESTION 57 True Love Inc., is pretty heavy into the use of budgets. Which of the following statements is TRUE of the budgeting process of True-Love and in fact, any company that uses budgets? O Managers and employees are motivated to accept the budget's goals because they enjoy having their work monitored and evaluated. O Ha company carefully plans for its future, there will be no need to make modifications during the budget period O R shows the actual performance of the business O It is a continuous process that encourages communication. QUESTION S8 Opportunity cost is the benefit O given up by purchasing goods at a price lower than its total manufacturing cost O gven up by choosing an alternate course of action O received by selling goods on behalf of another division O received by seling goods to one of the other divisions within the company QUESTION 59 Last year. T-Bal Company spent $36.000 on employee training to improve customer service. The cost and time spent on traning is…

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…

Planning and Control Many companies use budgets for three purposes. First, they use them to plan how to deploy resources to best serve customers. Second, they use them to establish challenging goals, or stretch targets, to motivate employees to strive for exceptional results. Third, they use them to evaluate and reward employees. Assume that you are a sales manager working with your boss to create a sales budget for next year. Once the sales budget is established, it will influence how other departments within the company plan to deploy their resources. For example, the manufacturing manager will plan to produce enough units to meet budgeted unit sales. The sales budget will also be instrumental in determining your pay raise, potential for promotion, and bonus. If actual sales exceed the sales budget, it bodes well for your career. If actual sales are less than budgeted sales, it will diminish your financial compensation and potential for promotion. Required: 1. Do you think it would…