Is it ethical to build slack into a budget? Explain. Was it ethical for Mr. Payne to refuse to accept a budget without slack? Briefly explain. 1. 2.

Q: Explain the value of utilizing a balance sheet to make a budget adjustment. What is the danger?

A: The budgeted balance sheet is usually prepared at the start of the fiscal year. The organization…

Q: Briefly describe the type of human behavior problems that might arise if budget goals are set too…

A: Budget is a tool which is used in the planning and controlling process by estimating the revenue and…

Q: managers duty to take appropriate action when accounting reports indicate

A: Managers are involved in planning and implementing appropriate actions to lead the organization…

Q: What does it mean to state that budgeted fi xed expenses are not fl exed?

A: Fixed expenses. Fixed expenses can be defined as essential expenses that are necessary to incur for…

Q: What are some limitations of the budgeting process?

A: Budgeting is an important exercise that is performed in most of the organizations. Budgeting has lot…

Q: How does a continuous budget work? Is a rolling budget the same thing?

A: A budget is used to forecast a company's financial results and financial status for the future. It's…

Q: Georgia, Incorporated has collected the following data on one of its products. The direct materials…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: What behavioral problems are associated with set- ting a budget too loosely?   2. Why should the…

A: Budget is a projected statement of various data that include sales expenditure Total production or…

Q: Budgets are the best management tool, but I think they can cause arguments and disagreements between…

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

Q: Describe one objective of the budgeting. Discuss the consequences of setting budget goals too…

A: Answer:- Budget:- A budget is basically an estimate of income and expenses for a given future period…

Q: I. A tight budget may create ______. Why? a. budgetary slack b. discouragement c. a flexible…

A: Budget is a financial plan prepared to forecast income and expenses for a definite period It is…

Q: Budgets are half-used if they serve only as a planning device? Explain.

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…

A: A Budget is a summary of expenses prepared by Companies to find the costs to be incurred on…

Q: What are some challenges and weaknesses that a firm may find in the budgeting process?

A: The lack of proper monitoring and review, lack of clear policy and procedures on budgets, poor…

Q: The accountant perspective of the budget views the budget as a rational decision-making tool? True…

A: Budgeting is the process of estimating the profitability, business requirements like production…

Q: Briefly describe human behavior problems that might arise if budget goals are set too tightly. What…

A: Budgeting is an essential part of financial planning for businesses, and it involves setting goals…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.