Describe four methods used to estimate sales for budgeting purposes.

Q: Define the following 1. budget 2. debtors collection 3. Age analysis

A: Solution:- 1) "Budget" defined as follows under:-

Q: Differentiate the three: 1. Actual Amounts, 2. Budgeted Amounts and 3. Standard Amounts.

A: The procedure of preparation of budgets is known as budgeting. It is a very useful aspect of…

Q: List the four budgeting objectives.

A: Budgeting:   Budgeting is the process where the planning is made for spending less than the earning.

Q: budgetary

A: Budgetary accounts can be defined as those accounts which are prepared in order to reflect the…

Q: Explain the term of operating budget.

A: Introduction Budget is monetary plan for future. It deals with where the company wants to reach in…

Q: Which of the following describes the order in which the four types of budgets must be prepared?a.…

A: Budgeting is the process of estimation of expected revenues and expenses of the entity over a…

Q: Identify and explain the different purposes of budgets for a company

A: Budgets play a vital role in the financial management of a company. They are comprehensive…

Q: List and explain three levels involved in budgeting process

A: Budgeting can be defined as the process of putting a budget in place. This process includes planning…

Q: Budgeted operating income includes: * A. budgeted interest expense B. budgeted income taxes. C.…

A: Budgeted operating income is an   income which is arrived by organization by estimating costs

Q: Which of the following would represent the order in which most master budgets are prepared? A Sales,…

A: Budget is the statement prepared by the entity for the purpose of estimating the costs and revenues…

Q: What is the most commonly used Comparison pertaining to the budget

A: the budgeting process is considered to be an essential component of the management control system as…

Q: What are the three major objectives of budgeting? Under what circumstances would a static budget…

A: Budgeting is a planning measure by which Business Entity make plan for the expected revenues and…

Q: Define master budget.

A:

Q: Which one of the following reports are produced for External use: Select one: O a. Inventory reports…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Define a Budget and give five reasons why organisations prepare budgets

A: A budget is a financial plan which predicts expected future inflows and outflows of money in the…

Q: Which of the following includes only financial budgets?A. capital asset budget, budgeted income…

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

Q: Give three examples of Kaizen budgeting?

A:

Q: what are the 3rd and 4th steps to a master budget? Are there formulas that go with these steps?

A: Master Budget: The master budget is the core budget that explains the complete process of the…

Q: Cite the differences of the major phases of budget process.

A: The spending cycle comprises of various stages: readiness and definition, financial plan. The…

Q: Briefly outlines the functional budgets that may be prepared as part of the budgeting process.

A: The functional budgets that may be prepared as part of the budgeting process include the personnel…

Q: Which is the correct order of components in a master budget? a) Sales budget, cash budget, budgeted…

A: The budget is prepared by the management to estimate the sales, inventory purchase or produced,…

Q: Give three examples of a master budget?

A:

Q: Discuss four conditions necessary for effective budgeting.

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

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

A: Introduction  Budget may be defined as that type of financial planning which is done to manage the…

Q: Define the term sales budget.

A: A sales budget provides an estimate of the volume of goods and services that a company proposes to…

Q: Identify five areas of Organisational policies and procedures that could be relevant when preparing…

A: The Budget is the estimation of future expenditure and income with the different level of sale or…

Q: Explain the role of a sales forecast in budgeting. What is the difference between a sales fore-cast…

A: Budgeting is a method of determining how you will spend all your money. This spending plan is known…

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: Identification 1. A projection of sales of a product or service expressed either in units or…

A: The two sentences provided here is related to finance. The first sentence is about sales projections…

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.