Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future. To explain: (a) Budgetary control and (b) steps included in budgetary control.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

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

Prepare the journal entries to account for the defined benefit pension plan in the books of Flagstaff Ltd for the year ended December 31 2020 and the pension table for the following pic.

Additional information(a) All contributions received by the plan were paid by Flagstaff Ltd.(b) The interest rate used to measure the present value of the defined benefitobligation was 9% at 31 December 2019 and 31 December 2020.(c) The asset ceiling was nil at 31 December 2019 and 31 December 2020. Calculate the actuarial gain or loss for the defined benefit obligation for 2020 Calculate the return on plan assets, excluding any amount recognized in net interest for2020

Additional information(a) All contributions received by the plan were paid by Flagstaff Ltd.(b) The interest rate used to measure the present value of the defined benefitobligation was 9% at 31 December 2019 and 31 December 2020.(c) The asset ceiling was nil at 31 December 2019 and 31 December 2020. Questiona) Determine the surplus or deficit of Flagstaff Ltd.’s defined benefit plan at 31 December2020 and determine the net defined benefit asset or liability that should be recognized by FlagstaffLtd at 31 December 2020 b) Calculate the net interest for 2020

Answer 2

Question

Chapter 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

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 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

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 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

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 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

Answer 6

Chapter 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

Answer 7

Chapter 25, Problem 1Q

To determine

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.

Answer 8

Expert Solution & Answer

Explanation of Solution

(a)

The use of appropriate budgets in order to systematize the operations of organization is called as budgetary control. It measures the performance of various budgets.

Budget is prepared for the coming period by taking financial data of the current period. Budget is prepared for every department in the organization.
Budgetary control is a tool to measure the actual performance with set targets and objectives.
It takes information from the appropriate budgets and controls the performance of budget.
Budgetary control amalgamates the reports of various budgets to compare the actual performance with the planned one.

Thus, budgetary control is an effective tool to measure the performance of budgets

(b)

Steps to describe budgetary control are,

Inculcate a target of performance or organization of budgeting.
Record the actual performance.
Compare the performance with the target performance.
Analyzing the differences and taking appropriate decision to control the difference.

The steps in budgetary control are:

Inculcate a target of performance: The first step in budgetary control is to set a target of performance. Setting of definite or fixed plan should be first step. The responsibility of each person should be made clear before executing any budget so that a target of performance is set for every person related to the organization.
Record the actual performance: Recording of actual performance is necessary to measure the planned action with the actual one. Information from each department should be taken so that proper projection of the actual performance of budget can be done. Identifying the total frequency of individual budget is the second step.
Compare the performance with the target performance: The objective of budget must be clearly stated and communicated well to all the concerned people in order to compare the actual performance with the target performance.
Analyzing differences and taking appropriate decision: If there is any difference in the actual performance of budget as compared to planned performance, the difference must be analyzed properly to control the situation.

Thus, comparing the actual performance of budget and analyzing the differences to take necessary actions are the main step of budgetary control.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 25 - Prob. 1Q Ch. 25 - Prob. 2Q Ch. 25 - Prob. 3Q Ch. 25 - 4. Ken Bay questions the usefulness of a master...Ch. 25 - Prob. 5Q Ch. 25 - Prob. 6Q Ch. 25 - Prob. 7Q Ch. 25 - Prob. 8Q Ch. 25 - Prob. 9Q Ch. 25 - Prob. 10Q

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future. To explain: (a) Budgetary control and (b) steps included in budgetary control.

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future. To explain: (a) Budgetary control and (b) steps included in budgetary control.

Explanation of Solution

Want to see more full solutions like this?

Chapter 25 Solutions

Budget: Budget is an effective tool to present the estimated actions for future time period. It includes the financial data for various accounts usually, income or expenses to be incurred in future.

To explain: (a) Budgetary control and (b) steps included in budgetary control.