Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Question

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Answer 1

Question

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

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Answer 2

Question

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

Answer 6

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

Answer 7

Chapter 13, Problem 1RQ

To determine

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Answer 8

Expert Solution & Answer

Explanation of Solution

Budget: A budget is a blueprint of all the operations that a company has to achieve in order to complete the goal of the company.

Financial forecasting: Financial forecasting is a process of analyzing the past financial statements of the company and forecasts the values of the future period.

Details in the budget for an upcoming period or long-range forecast:

The budget for the upcoming period is more precise and detailed than long-range forecast because it needs to analyze for a shorter period. Financial forecasting only uses past data to predict future data. The budget uses the current market trend and business trend to analysis and then makes a budget for the upcoming period.

Thus, the budget for the upcoming period has more details then the long-range forecast.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 13 - Prob. 1RQ Ch. 13 - Prob. 2RQ Ch. 13 - Prob. 3RQ Ch. 13 - What role does the master budget play in the...Ch. 13 - What problems might arise if a firm relies solely...Ch. 13 - What is the coordinating role of budgeting?Ch. 13 - Prob. 7RQ Ch. 13 - Write out the inventory equation that is used to...Ch. 13 - What makes creating budgets for marketing and...Ch. 13 - Prob. 10RQ

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Concept explainers

Explain which statement has more details, the budget for an upcoming period or long-range forecast.

Explanation of Solution

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Chapter 13 Solutions