managers duty to take appropriate action when accounting reports indicate

Q: Managers should be closely involved in preparing their responsibility accounting budget. How true is…

A: Generally, managers should be involved in preparing their responsibility accounting budget.

Q: if an organisation is experiencing budget difficulty, what steps are suggested to improve compliance…

A: Budget is a financial tool used in planning, programming and control of business activity for a…

Q: How are the responsibilities of accounting systems different than administrative systems? What is…

A: Since multiple questions have been posted, as per the guidelines only the first question will be…

Q: What is the major benefit of tying a budget to the overall goals of the compan

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

Q: Why might managers find a flexible-budget analysis more informative than a static-budget analysis?

A: Static Budget: Static budget is a fixed budget prepared for a particular period of time without…

Q: Why would management take extra effort to ensure approximate budgets for direct labor, direct…

A: There are a few reasons why management might take extra effort to ensure approximate budgets for…

Q: Managers in which of the following responsibility centers are held responsible forprofits? (You may…

A: C. Profit centers is the answer

Q: A budget: A.is used to determine if a product should be continued or discontinued B.complies…

A: The budget is prepared by the business organizations so as to know the expected revenue and expenses…

Q: hy is it important to comply with ethical provisions and be transparent in budgeting?

A: Budgeting refers to the process of formulating a plan which describes the ways and zones under which…

Q: Can you interpret the effect on revenue , expense and profits if the sale or production differ from…

A: Master Budget shows the estimated results that a company expects to obtain from its operations.

Q: Why would managers be willing to make decisions based on estimated revenues and expenses instead of…

A: The estimated revenues are the expected amount of revenues and estimated expenses are also the…

Q: What is the impact of responsibility reporting and budgeting on an organization?

A: A manager's performance is evaluated based on matters that are directly under the control of that…

Q: Which of the following statements are TRUE? 1. Responsibility accounting attempts to assign blame…

A: Statement I: Responsibility accounting helps identify and track costs that specific managers can…

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: Which of the following is not a management report? A.Sales by product actual versus budget B.…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: PLEASE ANSWER ALL TRUE OR FALSE 18. The basic idea behind responsibility accounting is that each…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: What of the following is NOT a Benefit of Activity Based Management? a.It assists in the budgeting…

A: Introduction:- Activity Based Management analyzing a company's business activities through…

Q: Required: Identify the problems that appear to exist in the company’s budgetary control system and…

A: Budgetary Control System:- It is a system in which the actual income and expenditure of the company…

Q: Activity-based budgeting focuses on estimating the costs of activities rather than the costs of…

A: Activity-Based BudgetingABB is a budgeting strategy that focuses on identifying and arranging…

Q: When a manager seeks to achieve personal departmental objectives that may work to the detriment of…

A: In the given situation, it it observed that the manager is focused on achieveing the departmental…

Q: Which of the following is not a benefit of participative budgeting? Multiple Choice O O O O It…

A: Participative budgeting, also called as bottom-up budgeting, involves employees in the budgeting…

Q: Which of the following explains why managers compare the budgeted costs to actual costs?   a.…

A: Managers measures budgeted expenses at the end of the year and provide an average of the costs that…

Q: Explain why budgets are useful and how management philosophy can influence the budget process.

A: Budget is the estimated data which is prepared or estimated in advance, in simple terms before…

Q: how budget process fits into management’s planning process?

A: Planning as well as budgeting are critical components of managerial control. Efficient planning and…

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: how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL…

A: Management accounting is the act of distinguishing, estimating, investigating, deciphering, and…

Q: In which of the following centers are managers responsible for controlling costs and generating…

A: The question is asking to identify the type of center in an organization where the managers are…

Q: Which of the following is not a benefit of budgeting? O Provide a way to measure business…

A: The answer is : Provide a way to hire specialized labors. Hiring specialised labour is not something…

Q: When an organization allocated indirect costs to departments by relative size of the budgets, it is…

A: The question is True or False.

Q: Which of the following is not the direct benefit of the budgeting process?   Identification of…

A: The process of budgeting involves the estimation of the costs and revenues of the entity for future…

Q: 1. Explain the concept of responsibility accounting and its relation with budgeting.

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Which of the following is a measure of a cost center manager's performance? Oa. return on investment…

A: Cost center managers are in charge of costs but not revenues or investments. Their duty is to lower…

Q: Which of the following is a measure of a manager’s performance working in a profit center?   a. the…

A: A profit center is a business unit or division within a company that is responsible for generating…

Q: balance criteria in budgeting?

A: while making balance criteria in budgeting i always follow these steps; Establish your budgetBefore…

Q: What variable affecting gross profit should the manager focus his attention? Why?

A: Gross Profit is the profit arrived at by deducting cost of goods sold from the turnover or the…

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: responsibility centers have accountability for revenues

A: First option is wrong because although investment center has accountability for revenues, cost…

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.