Briefly describe the difference between budgetary planning and control.

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Answer 1

Textbook Question

Chapter 9, Problem 1Q

Briefly describe the difference between budgetary planning and control.

Expert Solution & Answer

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

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Please see an attachment for details general accounting question

Lansing Apparel sold manufacturing equipment for $30,000. Lansing originally purchased the equipment for $95,000, and depreciation through the date of sale totaled $78,000. What was the gain or loss on the sale of the equipment?

provide correct answer

Answer 2

Textbook Question

Chapter 9, Problem 1Q

Briefly describe the difference between budgetary planning and control.

Expert Solution & Answer

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

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Answer 3

Textbook Question

Chapter 9, Problem 1Q

Briefly describe the difference between budgetary planning and control.

Expert Solution & Answer

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

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Answer 4

Textbook Question

Chapter 9, Problem 1Q

Briefly describe the difference between budgetary planning and control.

Expert Solution & Answer

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

Answer 8

Expert Solution & Answer

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Concept introduction:

Budgetary planning: It is the process of making a budget, later utilizing it to control the operations of a business.

Budgetary control: It is the set of process to manage the financial and performance goals with the budget.

To find out:

The difference between budgetary control and planning.

Answer 12

Answer to Problem 1Q

The difference between the budgetary planning and control is that in planning the budgets are prepared considering the experiences and in control the variances are controlled as per the prepared budget.

Answer 13

Explanation of Solution

The difference between budgetary control and planning is as under:

Budgetary planning	Budgetary control
The managers who are responsible for achieving business objectives plan a budget for the period.	Managers will compare the budget with actual values and that comparison will give variances which will then are investigated to correct them.
It means to prepare a budget after considering business objectives.	It means to mitigate the risk in preparation of the budget.
In this, the budget is prepared on the basis of the standard cost.	It put effort to implement the standard set by analyzing the actual results.

Answer 14

Ch. 9 - Briefly describe the difference between budgetary...Ch. 9 - What are standard costs? When are they set?Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Prob. 8Q Ch. 9 - Prob. 9Q Ch. 9 - How do the master budget, flexible budget, and...

Briefly describe the difference between budgetary planning and control.

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