how budget process fits into management’s planning process?

Q: Why is participative budgeting often an effective management tool?

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Q: How can budgeting be used for strategic allocation of resources?

A: In budgeting, standards are set for the next period so that actual performance could be directed…

Q: Which provides the most benefit to an organization, a budget or the budgeting process? Why?

A: Budget: A budget is a systematic allocation of resources to different departments depending on the…

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: Why is the sales budget so important to the budgeting process?

A: Budget:   It is a statement of estimated revenues and expenditures set for a specific period of…

Q: of the budget in making management decisions?

A: Budget is defined as an estimate of revenue income and expenses for a set period of time. Budget is…

Q: What are the benefits of budgeting?

A: Budgeting is the process of designing, implementing, and operating budgets. It is the managerial…

Q: What is a “replacement chain”? When and how should replacement chains be used incapital budgeting?

A: The method which can be used to choose best among the more than two mutually exclusive capital…

Q: Evaluate the importance of standard costing in budgeting process within firms

A: In Standard costing an expected cost is substituted above an actual cost, while recording accounting…

Q: How is the financial plan and budget related to a company’s strategic plan?

A: Strategic plans are long term action plans which direct a firm towards its goals. Financial plan and…

Q: What are the benefits of tying a budget to the overall goals of the company?

A: Budgeting is an important part of the business process. Without budgeting a business cannot track…

Q: What are the ethical provisions that needs to be followed in budgeting?

A: The process of allocating a company's financial resources is known as budgeting. Although necessity…

Q: What is the role of the Office of Management and Budget OMB?

A: Office of the Management and the Budget (OMB):   This is the office which is part of the Executive…

Q: Budgeting

A: Budgeting: Budgeting is the estimation of revenue and expense for a given period of Time. it is the…

Q: How does a budget benefit management in its control function?

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Q: How are standards used by management in evaluating organizational units, as to their budgetary…

A: A budget refers to the financial plan that is used by managers in order to estimate revenues and…

Q: define control andhow budget use in control

A: Budgets are prepared by an organization to estimate the revenues from different projects and the…

Q: Discuss how the budgeting process in an organisation benefits a functioning standard costing system

A: The process of creating a budget is referred to as budgeting. This process involves budget planning…

Q: how would management use a Master budget?

A: A master budget is a central planning mechanism used by a management committee to direct a…

Q: How flexible budget through performance reporting is help for the management in determination of…

A: Budgeting refers to preparation of  estimated financial data using the past records. Flexible budget…

Q: how budgeting is useful in managing businesses?

A: Budget: The forecast of transactions on the basis of the available resources for a particular period…

Q: uses and advantages of budget?

A: The budget represents the estimation of the expenses to be incurred and revenue to be earned by the…

Q: Why is the sales forecast the starting point in budgeting?

A: Master Budget:   The master budget is a collection of budgets that is used by the company for…

Q: Why is it important to follow ethical provisions in making budgeting model?

A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…

Q: Explain the concept of “master budget” and critically discuss its benefits to an organization.

A: A budget is an estimation of expenses as well as revenues which will be earned and incurred during…

Q: How does budgeting help management coordinate and plan business activities?

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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 does activity-based budgeting explain the logic of budgeting?

A: Activity based budgeting: It is a budgeting system where budgets are prepared based on the expected…

Q: 1. How does budgeting provide important information to managers and operating personnel?

A: Budget is like preparing plan for the future process and it includes how efficiently sources or…

Q: Explain the specific roles of planning, motivation, communication, evaluation and control in a…

A: Budgetary control is an exercise undertaken by the organization/entity to ensure that the period…

Q: What is a budget? What is budgetary control?

A: Managerial accounting:   Managerial accounting is more focused towards analyzing information and…

Q: Evaluate how a typical budgetary process is undertaken in a business organisation.

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

Q: s the uses and adv

A: Answer 1) Budget: Estimation of income and expenses of a Corporation for a particular set of…

Q: What are the components of budgeting model and why is it important?

A: Budgeting The purpose of preparing the budget to evaluate the performance of the business for a…

Q: Why should the production requirements set forth in the production budget be carefully coordinated…

A: The production requirements are efficiently coordinated with the sales budget to ensure smooth…

Q: plain the financial aspects of planning and costing as embe

A: Budget : It is an expression of an organisation's plan, policies and programmes in the form of…

Q: what are the pros and cons for activity based budgeting ?

A: Activity based budgeting is a method in which activity are thoroughly analyzed to predict costs.it…

Q: Explain the components of master budget.

A: Master Budget:   A master budget is defined as an aggregation of all the lower-level budgets that…

Q: Explain and give example of the following Management Reports Procedures Activities: Budget vs.…

A: Budgeting becomes a crucial part of business management as it facilitates evaluating and analyzing…