For most organizations, a budget is the benchmark for evaluating actual performance. O True O False
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For most organizations, a budget is the benchmark for evaluating actual performance. O True O False
Step by step
Solved in 3 steps
- 1. The organizational process of budgeting performs several important functions. Which is true? A. Assigns decision rights B. Shares knowiedge C. Measures performance D. All of the choices are correctThe Zero Base Budget (ZBB) is the budget system that most influences resource allocation management by involving the devolution of decision making power to the lower levels. Identify whether this statement is true or false. Select one:TrueFalse1. The organizational process of budgeting performs several important functions. Which is true? A. Assigns decision rights B. Shares knowledge C. Measures performance D. All of the choices are correct
- Explain the relationship between performance reports and flexible budgeting.Two standards that are established for evaluating budget performance are the cost standard and the efficiency standard. Explain the difference between the two standards and give an example of each. Why is it important to measure the actual results against both standards?A benefit from budgeting is that it forces managers to think about and plan for the future. True or False True False
- Which one of the following is NOT a budgetary benefit? It establishes the organization's goal. It establishes communication between different levels of management. It reveals the organization's effectiveness. It aids in the measurement of production efficiency.Activity-based budgeting focuses on estimating the costs of activities rather than the costs of departments and plants. True or False?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? ExpalinFocusing on improving the activities that are showing significant differences between budgeted and actual results is: A.quantifying plans B.management by exception C.cash management D.creating benchmarksPractice 3 : a) Explain the importance of incentive systems for motivating performance. b) Identify and explain the components of management compensation and the tradeoffs that compensation designers make. c) What is meant by the term flexible budget? What role do flexible budgets play in evaluating performance?