Evaluate how a typical budgetary process is undertaken in a business organisation. Nextcritically evaluate Broughton's (2020) article by discussing if the Zero-Based-Budgetingapproach is the best way for companies to cut cost during the covid-19 pandemic. With thesupport of current literature, evaluate whether limiting factor and throughput accounting arethe same thing. Lastly, critically evaluate the contributions which performance measurementsystems provide to the top management for maintaining control over the entire organization.2000 words required

Budgetary procedure refers to the means through which the branches of executive and legislative…

Answered: Evaluate how a typical budgetary…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6MC: Which of the following is true in a bottom-up budgeting approach? Every expense needs to be...

See similar textbooks

Similar questions

What are some characteristics of performance-based budgeting? What are some advantages and disadvantages of performance-based budgeting? How does the organization you selected incorporate performance-based budgeting? If the organization you selected does not incorporate performance-based budgeting, how does the organization reflect or incorporate program outcomes to the budget? When responding to classmates, compare the organization you chose to theirs. Is one organization more successful at describing their strategic plan and aligning their budget to reflect outcomes? Why or why not?
Which of the following is not considered a benefit of the budgeting process? a. Gives managers guidance when evaluating the performance of business operations. b. Determines the exact amount of revenues and expenses for the upcoming fiscal period. c. Helps managers achieve short-term and medium-term goals. d. Helps managers set long-term strategic plans.
With one exception, the following objectives are accomplished by budgeting. Which of these statements is NOT true about budgeting objectives? Shows management's operating plans for the coming period. O Locks in company spending for the period. O Forces all levels of management to think ahead, anticipate results, and take action to remedy poor results. O Formalizes management's plans in quantitative terms.
Management Accounting Question (Qualitative Short Answer) a. Why is the sales forecast the starting point in budgeting? b. What is a perpetual budget? c. Which is a better basis for evaluating actual results: budgeted performance or past performance? Why? d. The materials price variance can be computed at what two different points in time? Which point is better and why? e. What effect, if any, would you expect purchasing poor-quality materials to have on direct labor variances? f. Distinguish between ideal and practical standards. g. Costs associated with the quality of conformance can be broken down into four broad groups. What are these four groups and how do they differ? h. What is likely the most effective way to reduce a company's total quality costs? i. What are the three main uses of quality cost reports?
You are in the process of creating your department's projected operating budget. As you create this budget, you realize that you are very uncertain about the volume of services you will be providing in the future. What tool(s) can you use to understand the impact of that uncertainty on your budget? O A. Ratio analysis O B. Varlance analysis O C. None of these O D. Sensitivity analysis O E. Scenario analysis
Which of the following is NOT true of the budgeting process? Question 8 options: Budgeting provides feedback to management to aid in assessing how well it's reaching its goals. Budgets force managers to plan for the future. Budgets force managers to consider relations among operations across the entire value chain. The performance report is prepared as part of the master budget.
"budget performance is a better criterion than past performance for judging managers." Do you agree? Expalin
The third task is a continuation of the study material which will teach the management trainees to evaluate how planning tools for accounting help to solve problems and support organisations with sustainable success (D3). This will include an explanation of the advantages and disadvantages of the budgetary tools by analysing of the use of different planning tools and their application for preparing and forecasting budgets (P4, M3). The study material will go onto look at how to respond to financial problems, and how management accounting can lead organisation to sustainable success (M4). This will include a comparison of how organisations are adapting management systems to respond to financial problems
Which of the following is NOT an objective of the budgeting process? Group of answer choices a - To communicate management's plans throughout the entire organization b - To ensure that the company continues to grow. c - To uncover potential bottlenecks before they occur d - To provide a means of allocating resources to those parts of the organization where they can be used most effectively.
CE Company reported the following information for 2022: Budgeted sales $1225000 . All sales are on credit. • Accounts receivable are collected 50% in the month of sale and 50% in the following month. What are budgeted cash receipts for November? $1310000 October November December $560000 $1120000 $1330000 $1120000 $1500000
Which one of the following is not considered to be a benefit of participative budgeting? When managers set the final targets for the budget, top management need not be concerned with the overall profitability of current operations. Managers are more motivated to reach the budget goals because they participated in setting them. Individuals at all organizational levels are recognized as being part of the team; this results in greater support of the organization. The budget estimates are prepared by those in direct contact with various activities.
1. Which of the following is an advantage of the budgeting process? a. It forces management to focus on the past and not be distracted by the day-to-day operations of the business. b. It can communicate to employees specific information about their past performance to determine their promotion prospects. c. It can communicate to employees specific information about their past performance to determine their promotion prospects. d. It can communicate to employees information about their performance expectations in the period ahead. 2. Which one of the following statements regarding changing inventory costing methods is true? a. A change in inventory methods can be justified if the change is made to better match profits with revenue b. Changing inventory costing methods violates comparability c. One place that the reader of an annual report would be able to identify that a company changed inventory costing methods is the statement of shareholders' equity d. Changing inventory costing…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS