Two standards that are established for evaluating budget performance are the cost standard and the efficiency standard. Explain the difference between the two standards and give an example of each.  Why is it important to

Q: How can budgeting be used for strategic allocation of resources?

A: In budgeting, standards are set for the next period so that actual performance could be directed…

Q: Explain the benefits of budgeting.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

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: 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: Explain the differences between participation and non-participation as styles of budgeting and…

A: Budgeting is a crucial aspect of financial management, aiding organizations in planning,…

Q: For most organizations, a budget is the benchmark for evaluating actual performance. O True O False

A: Budget is the estimation of future data for the achievement of its goals and objectives.

Q: Describe the benefits of budgeting.

A:

Q: A flexible budget has which of the following characteristics?

A: A flexible budget is a dynamic financial plan that adjusts to changes in activity levels or other…

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: What are some examples of effective monitoring and control practices, and how do they help address…

A: Managers take necessary steps to control the costs in a particular accounting period. It is known as…

Q: Flexible budgeting and variance analysis are critical tools for effective financial management in…

A: A flexible budget is a budget that adjusts or flexes for changes in the volume of activity. The…

Q: master budget include

A: Master budget is a set of budgets of various activities in an entity.

Q: 1. Match cach of the following terms with the appropriate definition. The difference between actual…

A: Different techniques of cost Analysis Importance of cost analysis in the organisation to determine…

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: Briefly tell how Program Based Budgeting (PBB) interface with the GIFMIS?

A: SOLUTION- Program-Based Budgeting is a budgeting tool where all budgetary information is organized…

Q: Accounting systems that use standards for product costs are called budgeted cost systems.

A: Accounting systems that use standards for product costs are called standard cost systems.

Q: Explain the difference between strategic and operational budgets.

A: Strategic budget: A strategic budget is a long-term financial plan. It achieves the long-term goals…

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

A:

Q: what is the difference between bottom up and beyond budgetin

A: Budgeting is the process of determining the expected costs and revenues for a particular period by…

Q: Compare two of the budget ratios. What are the differences? What are the similarities? Give one…

A: Budget includes various expenses and incomes. All expenses are classified as fixed cost expenses,…

Q: Using budgets as a performance benchmark is often since the actual performance will most likely…

A: Using budgets as a performance benchmark is often challenging or unreliable since the actual…

Q: 1. The organizational process of budgeting performs several important functions. Which is true? A.…

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