What are some of the benefits of a self-imposed budget? Choose all that apply. Top-down mentality Inclusiveness of all managers Fear of punishment tends to motivate Budgets are more realistic. More autonomy Greater accuracy Lowers employee morale 10 step cycle Better motivation

What are some of the benefits of a self-imposed budget? Choose all that apply. Top-down mentality Inclusiveness of all managers Fear of punishment tends to motivate Budgets are more realistic. More autonomy Greater accuracy Lowers employee morale 10 step cycle Better motivation

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

What are some of the benefits of a self-imposed budget? Choose all that apply.
Top-down mentality
Inclusiveness of all managers
Fear of punishment tends to motivate
Budgets are more realistic
More autonomy
Greater accuracy
Lowers employee morale
10 step cycle
Better motivation

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1. Explain why a company needs these budgets used in #2 of your homework and how will they help the manager prepare for the next year? For example: ordering inventory, increasing or decreasing material costs so their sales will increase and cost decrease (labor, raw materials, or costs that pertain to operations)? Make sure to explain what each budget tells the manager.
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,000 tires at a variable cost of $73 per tire and total fixed costs of $57,000. The budgeted selling price was $111 per tire. Actual results in August 2020 were 2,700 tires manufactured and sold at a selling price of $113 per tire. The actual total variable costs were $218,700, and the actual total fixed costs were $53,500. Read the requirements Requirement 1. Prepare a performance report with a flexible budget and a static budget Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a 10 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Results
Budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following is not considered a human behavior problem? Allowing employees the opportunity to be a part of the budget process Allowing goals to be so low that employees develop a "spend it or lose it" attitude Setting goals too tightly making it difficult to meet performance expectation Setting goals among managers that conflict with one another
Which of the following is not a benefit of participative budgeting? Multiple Choice It serves as training or development for managers. It provides information that employees know but managers do not. It reduces or eliminates the need for tracking actual cost activity. It enhances employee motivation and acceptance of goals.
One of the advantages of a production budget is that it can help to uncover potential production issues before they occur. Question 18 options: True False
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
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1 - Merchandising companies prepare the production budget after preparing the sales budget. 2 - Budget preparation is best determined in a top-down managerial approach A. Statement 1 is True Statement 2 is True B. Statement 1 is True Statement 2 is False C. Statement 1 is False Statement 2 is True D. Statement 1 is False Statement 2 is False
For each of the following, select its best description. A. Incurs costs without directly yielding revenues. B. Costs that a manager has the ability to affect. C. Incurs costs and also generates revenues. D. Holds manager responsible for revenues, costs and major investing decisions. E. Lists actual costs a manager is responsible for and their budgeted amounts. F. Unit managers make decisions and top management then evaluates the performance of unit managers. 1. Decentralized organization 2. Controllable costs 3. Responsibility accounting performance report 4. Profit center 5. Investment center 6. Cost center
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