Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts. Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period. To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

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Answer 1

Question

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

(b)

To determine

To identify: The responsibilities of management in budgeting.

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Answer 2

Question

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

(b)

To determine

To identify: The responsibilities of management in budgeting.

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Answer 3

Question

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

(b)

To determine

To identify: The responsibilities of management in budgeting.

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Answer 4

Question

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

(b)

To determine

To identify: The responsibilities of management in budgeting.

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Answer 5

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

(b)

To determine

To identify: The responsibilities of management in budgeting.

Answer 6

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

Answer 7

Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

Answer 8

(b)

To determine

To identify: The responsibilities of management in budgeting.

Answer 9

(b)

To determine

To identify: The responsibilities of management in budgeting.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 24 - Prob. 1Q Ch. 24 - Prob. 2Q Ch. 24 - Prob. 3Q Ch. 24 - Prob. 4Q Ch. 24 - Prob. 5Q Ch. 24 - Prob. 6Q Ch. 24 - Prob. 7Q Ch. 24 - 8. What is budgetary slack? What incentive do...Ch. 24 - Prob. 9Q Ch. 24 - 10. What budget is the starting point in preparing...

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To identify: The responsibilities of management in budgeting.

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