(1) Forecasting (budgeting): It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors. Identifying three outside factors that must be considered when sales forecast are set.

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Answer 1

Question

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

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Students have asked these similar questions

For each situation, select which type of budget you must prepare. Situation You have to assess the likely costs needed to participate in a trade show. A big purchase is required -a new demonstration booth. It will take a lot of time to plan for a trade show, and this is not your only responsibility. You need a plan to ensure that you complete the full range of duties. You are planning an appearance for your company at a trade show. You must forecast the revenue your company may earn as a result of your participation. Financial Operating Nonmonetary

Which of the following is a benefit of using budget-management software? (check all that apply). Allows companies to determine the exact amount of sales that will be achieved in the upcoming fiscal period. Allows companis with multiple business segments to comine financial data from each of its segments to prepare company-wide budgeted financial Allows managers to access the budget from several locations through the internet. Allows managers to perform sensitivity analysis on each individual business segment.

For this assignment you are to assume that you are involved in the preparation of your company's master budget. The company's sales team provides information concerning expected unit sales and pricing for use in preparation of the sales budget. Further, you are aware that a portion of the sale team's compensation is based on their ability to meet the sales budget. What would the memorandum be to the vice president of finance outlining your concerns about this practice. Include any concerns that you have about potential bias in the information provided by the sales team.

Answer 2

Question

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

Answer 6

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

Answer 7

Chapter 7, Problem 8BTN

To determine

(1)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

Identifying three outside factors that must be considered when sales forecast are set.

Answer 8

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

Answer 9

To determine

(2)

Forecasting (budgeting):

It is a process through which purchases, sales, expenses and income are set. As a result, it is ensured no extra money is spent but in real, cash in excess of the forecasted amount is spent due to some of the uncontrollable factors.

To explain:

Factors which might explain any difference recognised in the value of the businesses visited.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 7 - Prob. 1MCQ Ch. 7 - Prob. 2MCQ Ch. 7 - Prob. 3MCQ Ch. 7 - Prob. 4MCQ Ch. 7 - Prob. 5MCQ Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - What is the benefit of continuous budgeting?Ch. 7 - Identify three usual time horizons for short-term...Ch. 7 - Why should each department participate in...

Solution Summary: The author explains that forecasting is a process through which purchases, sales, expenses, and income are set.

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