What are some challenges and weaknesses that a firm may find in the budgeting process?

Q: Some critics of budgeting believe that budgets are effective tools for planning but not for…

A: The question is based on the concept of budgeting and its utilization in management decision making.…

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: How does doing budget benefit companies?

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

Q: Briefly describe the type of human behavior problems that might arise if budget goals are set too…

A: Budget is a tool which is used in the planning and controlling process by estimating the revenue and…

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: hat are the advantages and disadvantages of the new way of beyond budgeting?

A: Beyond budgeting - It is a concept which focuses on the adaptive management process and encourages…

Q: What are some of the risks of failing to create and manage budgets?

A:

Q: What behavioral problems are associated with set- ting a budget too loosely?   2. Why should the…

A: Budget is a projected statement of various data that include sales expenditure Total production or…

Q: Budgets are the best management tool, but I think they can cause arguments and disagreements between…

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: Which of the following is not an accepted principle of effective budgeting?   A• Flexibility B• Top…

A: Budgeting refers to the plan that an entity makes and how it is going to spend the money. The budget…

Q: Which among the following is not an element of budgeting? a. Budgeting should state the firm’s…

A: Budgets are prepared on weekly, monthly, or yearly basis to make plans for the future which needs to…

Q: What are some examples of effective monitoring and control practices, and how do they help address…

A: Managers take necessary steps to control the costs in a particular accounting period. It is known as…

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: "budget performance is a better criterion than past performance for judging managers." Do you agree?…

A: The budget is a statement in which the estimated standards are set according to the needs of the…

Q: What are the primary differences in budgeting between manufacturing and nonmanufacturing firms?

A: The primary difference between  a manufacturing firm and a non-manufacturing firm is that the…

Q: The accountant perspective of the budget views the budget as a rational decision-making tool? True…

A: Budgeting is the process of estimating the profitability, business requirements like production…

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: Briefly describe human behavior problems that might arise if budget goals are set too tightly. What…

A: Budgeting is an essential part of financial planning for businesses, and it involves setting goals…

Q: When would a static budget be effective in evaluating a manager performance

A: We know that budgeting is a planning tool through with entities define a predefined target for…

Q: Discuss the factors that are likely to cause managers to submit budget estimates of sales and costs…

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

Q: What are the limitations of the traditional budget? Despite the limitations, why it is still widely…

A: A budget is a financial plan used by organizations for a particular period of time, generally a…

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: Using budgets as a performance benchmark is often since the actual performance will most likely…

A: Using budgets as a performance benchmark is often challenging or unreliable since the actual…

Q: Budgeting is essential to businesses, but it is not that simple to implement. What are some…

A: Introduction: Budgeting is thought to be the purchase of important financial decisions that aid in…

Q: How can an organization prevent budgetary slack in the budgeting process since the bonuses of…

A: Budgetary slack can be prevented by thr following ways :- 1) By having a small group of managers for…

Q: What are some of the dangers associated with failing to develop and manage budgets?

A: The following are the dangers associated with failing to set and manage budgets: 1) Incorrect…

Q: Why do organizations create budgets?  What is the purpose or desired outcome?  What would happen if…

A: Budget: Budget is the process of identifying, collecting, and summarizing the financial information.…

Q: How would a shift from a tight credit policy to a relaxed policy belikely to affect a firm’s cash…

A: Given: The change of relaxed credit policy from a tight credit policy.

Q: What are some of the dangers associated with failing to design and manage budgets properly?

A: Preparation of the budget helps the business entities in achieving their goals/ objectives. Budgets…

Q: What is zero base budgeting? Discuss its merits and limitations.

A: What is zero based budgeting? Zero based budgeting is a concept of planning the future activities in…

Q: Which of the following is not the key purpose of budget:

A: A budget is a financial plan that outlines the projected income and expenses of an organization for…