Maurizio won a lottery and he would like to open a hoodie store. He will need to know the number of hoodies he needs to sell and at what price. The price needs to return him at least 15% on the sales price. Cost of the hoodie, advertising costs and other costs will also need to be estimated. With the use of accounting information, and being a manager, select the managerial accounting objective that is applicable to this scenario. a) Controlling Ob) Decision making Oc) All of the above. Od) Planning
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.
N1.
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