Answered: Question 9 options: all variances…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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43. A flexible budget: Group of answer choices a. presents the plan for only one level of activity and does not adjust to changes in the level of activity. b. resents the plan for a range of activity so that the plan can be adjusted for changes in activity levels. c. presents a statement of expectations for a period of time but does not present a firm commitment. d. classifies budget requests by activity and estimates the benefits arising from each activity.
1. A budget is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. a. True b. False 2. Budgets should not be used to provide managers with “pre-approval” for the execution of spending plans. a. True b. False 3. A flexible budget is not designed to change with changes in activity level. a. True b. False 4. The production budget comes before the materials purchases budget. a.True b. False 5. The starting point for the master budget is an assessment of anticipated production next year. a. False b. True
Analyze the variances from the flexible budget and identify issues that management should be concern about. You only need to highlight bariances that are a concern
Which of the following statements is not correct? The revenue budget is the starting point in preparing the master budget. The revenue budget is constructed by multiplying the expected sales in units by the sales price. The production budget is not based on the revenue budget. The cash budget is used to determine whether the firm will have enough cash on hand.
PRINCIPLE OF HEALTHCARE FINANCE
budget performance is abetter critical than past performance for judging managers" do you agree ?explain
Read the attached article on Zero Based Budgeting at Shell and answer the following questions: 1. The article refers to a “substantial impact” on the company’s cost budget; how significant was the expected reduction? 2. What aspects of the business were “off limits” during this exercise? 3. Describe what YOU think “cost creep” means and how it may arise? 4. How was the program first established? 5. Did the exercise require a lot of resources? 6. What three fundamental questions were asked? 7. The results of the analysis were presented to the company’s leadership. What happened next? 8. The article refers to a “three-step implementation.” What were the three steps? 9. Briefly describe what they assumed to be the “must-have” activity? 10. What categories of “nice to have” activities resulted? 11. What items made their decisions more tough? 12. The article talks about rebalancing the work that is managed in-house and work that is contracted out; provide examples of activities that were…
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
In the executing stage of management cycle, managers check for variances, between budgets and actual performance. Select one: O True O False
Can you please answer those 2 questions and provide appropriate answers? thank you for your answers. 1. Flexible budgets are used during which stage of the management process? * Planning Organizing Implementing Controlling Evaluation 2. What kind of variance results from a difference between the planning budget and the flexible budget ? * Spending Activity Pre-determined Evaluation none of the above
4. Explain the differences between fixed and flexible budgets and their relevance in evaluating operational performance.
How do managers use budgets to control business activities?a) Match the concept (by number) to the correct terminology. 1. Static Budget2. Budget Performance Report3. Variance4. Static Budget Variance5. Flexible Budget6. Flexible Budget Variance7. Sales Volume Variance______ A budget prepared for various levels of sales volume.______ The difference between actual results and the expected results in the flexible budget for the actual units sold. ______ The difference between the expected results in the flexible budget for the actual units soldand the static budget. _____ The difference between actual results and the expected results in the static budget. _____ A report that summarizes the actual results, budgeted amounts, and the differences. _____ A budget prepared for only one level of sales volume. _____ The difference between an actual amount and the budgeted amount; labeled as favorable if it increases operating income and unfavorable if it decreases operating income. In…

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	all variances considered to be important.
	all unfavourable variances.
	all variances reported in the financial statements.
	all variances.

	zero-based budgeting.
	budget ratcheting.
	budgetary slack.
	participative budgeting.

Question 9 options: all variances considered to be important. all unfavourable variances. all variances reported in the financial statements. all variances.