The probable benefit that the company receives while starting the process of budgeting.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.

Want to see more full solutions like this?

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

Students have asked these similar questions

River is a salaried exempt worker who earns $73,630 per year for a 35-hour workweek. During a biweekly pay period, River worked 105 hours. What is the gross pay?

The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…

Answer 2

Question

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.

Want to see more full solutions like this?

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

Answer 3

Question

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.

Want to see more full solutions like this?

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

Answer 4

Question

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.

Want to see more full solutions like this?

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

Answer 5

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.

Answer 6

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.

Answer 7

Chapter 22, Problem 1QC

To determine

: The probable benefit that the company receives while starting the process of budgeting.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Solution:d) All of the above.

Given: A company can expect to receive which of the following benefits when it starts its budgeting process.

a) The budget provides managers with a benchmark against which to compare actual results for performance evaluation.

b) The planning required to develop the budget helps managers foresee and avoid potential problems before they occur.

c) The budget helps motivate employees to achieve sales and cost-reduction goals.

d) All of the above.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

:

The budget of a company is the plan set in advance for the allocation of resources and how these resources are going to be utilized to reach a predetermined goal. So, it becomes a prescribed standard which is used to compare with the actual results for the evaluation of performance.

The budget is a predetermined plan for achieving the predetermined objectives of a company. The process of planning helps in avoiding all the mistakes and drawbacks in the previous years and to be proactive in reaching the goals of the company. Thus, it helps to compare with the actual results for performance evaluation.