Explain how a budget facilitates communication and coordination.

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Answer 1

Textbook Question

Chapter 9, Problem 1RQ

Explain how a budget facilitates communication and coordination.

Expert Solution & Answer

To determine

Describe how a budget supports communication and coordination.

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

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Students have asked these similar questions

Suppose you take out a five-year car loan for $14000, paying an annual interest rate of 4%. You make monthly payments of $258 for this loan. Complete the table below as you pay off the loan. Months Amount still owed 4% Interest on amount still owed (Remember to divide by 12 for monthly interest) Amount of monthly payment that goes toward paying off the loan (after paying interest) 0 14000 1 2 3 + LO 5 6 7 8 9 10 10 11 12 What is the total amount paid in interest over this first year of the loan?

Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…

Suppose you have an investment account that earns an annual 9% interest rate, compounded monthly. It took $500 to open the account, so your opening balance is $500. You choose to make fixed monthly payments of $230 to the account each month. Complete the table below to track your savings growth. Months Amount in account (Principal) 9% Interest gained (Remember to divide by 12 for monthly interest) Monthly Payment 1 2 3 $500 $230 $230 $230 $230 + $230 $230 10 6 $230 $230 8 9 $230 $230 10 $230 11 $230 12 What is the total amount gained in interest over this first year of this investment plan?

Answer 2

Textbook Question

Chapter 9, Problem 1RQ

Explain how a budget facilitates communication and coordination.

Expert Solution & Answer

To determine

Describe how a budget supports communication and coordination.

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

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Answer 3

Textbook Question

Chapter 9, Problem 1RQ

Explain how a budget facilitates communication and coordination.

Expert Solution & Answer

To determine

Describe how a budget supports communication and coordination.

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

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Answer 4

Textbook Question

Chapter 9, Problem 1RQ

Explain how a budget facilitates communication and coordination.

Expert Solution & Answer

To determine

Describe how a budget supports communication and coordination.

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Describe how a budget supports communication and coordination.

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

Answer 8

Expert Solution & Answer

To determine

Describe how a budget supports communication and coordination.

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Describe how a budget supports communication and coordination.

Answer 12

Explanation of Solution

Budget: Budget is the process of identifying, collecting, and summarizing the financial information. Budget plan is used by the managers to coordinate the organization’s future activities.

Budget facilitates communication and coordination by making each manager in the organization to be aware of the goals and plans set by other manager.
The process of budgeting pulls all the managers in the organization plans.

Answer 13

Ch. 9 - Explain how a budget facilitates communication and...Ch. 9 - Prob. 2RQ Ch. 9 - Prob. 3RQ Ch. 9 - Prob. 4RQ Ch. 9 - Prob. 5RQ Ch. 9 - What is meant by the term operational budgets?...Ch. 9 - How does activity-based budgeting explain the...Ch. 9 - Prob. 8RQ Ch. 9 - Give three examples of how the City of Boston...Ch. 9 - Describe the role of a budget director.

Explain how a budget facilitates communication and coordination.

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