Please solve this General accounting questions step by step 1. Managers who analyze the difference between expected and actual performance in order tomake improvements in future operations are following which step of the decision-makingprocess?A. Identify the problem with uncertainties.B. Obtain information.C. Make predictions about the future.D. Make decisions by choosing among alternatives.E. Implement the decision, evaluate performance, and learn.2. When do managers typically review and update the budgeted direct cost rate?A. AnnuallyB. MonthlyC. QuarterlyD. Semi-annuallyE. Daily3. Which of the following is not a characteristic of a manager using a job-order costingsystem?A. The cost object is a unique job or batch of products.B. Costs are assigned to specific products or services.C. Cost object is masses of identical or similar units of a product.D. Uses a job-cost sheet to track the costs of a specific job.E. Per-unit costs are determined for each distinct product or service.

Step 1: Define Key TermsDecision-Making Process:The decision-making process involves identifying the…

Answered: 1. Managers who analyze the difference…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 4MC: Which approach is most likely to result in employee buy-in to the budget? A. top-down approach B....

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Similar questions

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')?
Which of the following items do you need to have available to develop a budget? a) Prior period operating results b) Assumptions of next period operations c) Goals d) All of the above 0.000.
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
Management Accounting Question (Qualitative Short Answer) a. Why is the sales forecast the starting point in budgeting? b. What is a perpetual budget? c. Which is a better basis for evaluating actual results: budgeted performance or past performance? Why? d. The materials price variance can be computed at what two different points in time? Which point is better and why? e. What effect, if any, would you expect purchasing poor-quality materials to have on direct labor variances? f. Distinguish between ideal and practical standards. g. Costs associated with the quality of conformance can be broken down into four broad groups. What are these four groups and how do they differ? h. What is likely the most effective way to reduce a company's total quality costs? i. What are the three main uses of quality cost reports?
This is the length of time it takes to initiate and complete a finished product. O a. Fiscal year O b. Accounting year c. Production cycle Od. Short-term QUESTION 21 Costs that remain constant even with changes in production level. O a. Variable costs O b. Start-up costs O c. Semi-variable costs O d. Fixed costs QUESTION 22 The challenge of budgeting is to determine what will change and what will stay the same. O True False QUESTION 23 The numbers on tax returns (cash basis) are the same as the number we use to manage a department (accrual basis). O True O False QUESTION 24 A pattern of change over several time periods which can help us make estimates for the future is a. a gap. Ob. a fixed cost. Oc. a transformation. d. a trend.
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
Using Regression to Calculate Fixed Cost, Calculate the Variable Rate, Construct a Cost Formula, and Determine Budgeted Cost Refer to the information for Speedy Petes on the previous page. Coefficients shown by a regression program for Speedy Petes data are: Required: Use the results of regression to make the following calculations: 1. Calculate the fixed cost of deliveries and the variable rate per delivery. 2. Construct the cost formula for total delivery cost. 3. Calculate the budgeted cost for next month, assuming that 3,000 deliveries are budgeted. (Note: Round answers to the nearest dollar.) Use the following information for Brief Exercises 3-26 through 3-29: Speedy Petes is a small start-up company that delivers high-end coffee drinks to large metropolitan office buildings via a cutting-edge motorized coffee cart to compete with other premium coffee shops. Data for the past 8 months were collected as follows:
You are constructing an annual operating budget that estimates costs related to the current year's operations. What category would you typically exclude from that operating budget? A- Operating expenditure B- Debt payments C- Capital expenditure D- Insurance premiums
Why is it relevant to calculate the fixed cost budget? Management must account for these fixed costs as part of their monthly expenses. Management usually forecast the fixed costs based on past financial records and take into account potential rate increase of these fixed costs on a monthly basis. Without budgeting fixed cost into the income statement, you won’t be able to calculate the net profit. All the above.
When gathering financial information, the entrepreneur should develop a budget that includes expected sales and expense figures for the first year. True or false
Question: What is the purpose of a flexible budget? a) To control costs and evaluate performance b) To prepare financial statements for external reporting c) To forecast long-term strategic goals d) To allocate overhead costs
When constructing the production budget, the desired ending inventory for the period is determined based on? A. Next period sales B. Next period production C. Last period production & sales D. Credit period

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