Define Zero Base Budgeting. What are the steps involved in this?

Q: Explain the different purposes that a budget can have

A: Introduction:- Budgeting used to estimation of income and expenditure over a specified period of…

Q: what are the first two steps of a master budget? and are there formulas that are used for those…

A: The first two steps of a master budget are as follows: 1) Preparation of sales budget. A sales…

Q: Explain the benefits of budgeting.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: Briefly explain “Self-Impose Budget or Participative” and “Master Budget”.

A: Here are given two terms. (1) Self imposed budget or participative budget (2) Master budget Lets…

Q: Explain the value of utilizing a balance sheet to make a budget adjustment. What is the danger?

A: The budgeted balance sheet is usually prepared at the start of the fiscal year. The organization…

Q: Define the term budgeting cycle.

A: Budget Cycle: The budget cycle refers to the whole time period starting from the creation of the…

Q: How are budgets used as monitoring and control tools?

A: Budgets are quantitative statements that contain the details of the planned revenues, expenditures,…

Q: 3. Explain how a flexible budget is used?

A: A flexible budget is a budget that adjusts to a company’s operation or volume levels.

Q: What are the advantages and disadvantages of the participatory approach to budgeting?

A: Participative budgeting is a budgeting process in which the people who are in the lower levels of…

Q: Describe the benefits of budgeting.

A:

Q: A flexible budget has which of the following characteristics?

A: A flexible budget is a dynamic financial plan that adjusts to changes in activity levels or other…

Q: explain what is Zero-base budgeting with a comprehensive example.

A: Zero-base budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each…

Q: What are some common challenges or obstacles encountered in the budgeting process?

A: The budgeting process is a systematic approach that organizations use to plan and allocate financial…

Q: The master budget will comprise of what?

A: A MASTER BUDGET IS A SERIES OF SMALLER BUDGETS THAT ARE ROLLED UP INTO ONE LARGER BUDGET TO PROVIDE…

Q: Describe how many types of budgets are ?

A: The objective of the question is to understand the different types of budgets that are used in…

Q: What is the first step in preparing a master budget ?

A: The master budget seems to be the budget that combines all of the other budgets into a single budget…

Q: What are the components of a comprehensive budget and what is the purpose of each component?

A: A comprehensive budget typically includes the following components: Revenue: This component…

Q: Describe one objective of the budgeting. Discuss the consequences of setting budget goals too…

A: Answer:- Budget:- A budget is basically an estimate of income and expenses for a given future period…

Q: What are the advantages and disadvantages of   incremental/decremental and zero based budgeting?

A: Budgeting is the process of planning, allocating, and managing financial resources for a specific…

Q: Explain the difference between static and flexible budgets.

A: Flexible Budgets: Flexible budgets are prepared for various levels of activities or outputs. This…

Q: Which of the following is not a part of budgeting?A. planningB. finding bottlenecksC. providing…

A: Budgeting is an important process in management accounting. Budgets means estimates or forecasts…

Q: What are the three major objectives of budgeting? Under what circumstances would a static budget…

A: Budgeting is a planning measure by which Business Entity make plan for the expected revenues and…

Q: Identify at least two potential negative outcomes of budgeting.

A:

Q: The Zero Base Budget (ZBB) is the budget system that most influences resource allocation management…

A: SOLUTION EXPLANATION IN TRADITIONAL BUDGETING , THE TOP MANAGEMENT TAKES THE DECISIONS REGARDING ANT…

Q: Briefly tell how Program Based Budgeting (PBB) interface with the GIFMIS?

A: SOLUTION- Program-Based Budgeting is a budgeting tool where all budgetary information is organized…

Q: Describe scenarios/situations when it is appropriate and when it is not appropriate to use a static…

A: Static budget is also called fixed budget. Static budget does not change with the change in the…

Q: What are the potential problems in implementing budgets?

A: A budget is a financial plan that outlines an organization's expected income and expenses over a…

Q: what are the 3rd and 4th steps to a master budget? Are there formulas that go with these steps?

A: Master Budget: The master budget is the core budget that explains the complete process of the…

Q: Explain the difference between strategic and operational budgets.

A: Strategic budget: A strategic budget is a long-term financial plan. It achieves the long-term goals…

Q: Describe the steps in developing a flexible budget.

A: Flexible Budget: Flexible budget is a financial plan prepared for a particular period of time on…

Q: what is the difference between bottom up and beyond budgetin

A: Budgeting is the process of determining the expected costs and revenues for a particular period by…

Q: Define Control. How are budgets used to control?

A: Control means cut down or limiting the expenses of the business. Cost control is very important in a…

Q: How you direct and coordinate a  budgeting process ?

A: The objective of this question is to understand the process of directing and coordinating a…

Q: Define Kaizen budgeting.

A:

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.