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

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: 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: 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 does doing budget benefit companies?

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

Q: What is a cash budget, and how is this statementused by a business? How is the cash budget affected…

A:

Q: managers duty to take appropriate action when accounting reports indicate

A: Managers are involved in planning and implementing appropriate actions to lead the organization…

Q: Why do companies prepare budgets?

A:

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: Explained how the company's budgetary control system could be revised to improve its effectiveness.

A: The company is work on the budget to be initially made with a view to follow the pattern…

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: Discuss why budgets are so important for all organizations. Describe some advantages and…

A: Budgets are an indispensable part of business organizations because they assist business…

Q: Which of the following is not considered a benefit of the budgeting​ process?   a. Gives managers…

A:

Q: Why is it important that a firm prepares a budget and how they analyze the ongoing performance? What…

A: Budgeting is a financial plan that helps the organization in effective utilization of its resources.…

Q: Describe the importance of Budgeting in the Business

A: Budgeting entails planning in order to support an organization's planned goals. Every business must…

Q: How management accounting and cost accounting can be an efficient in monetary and non-monetary…

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

Q: Identify and explain the different purposes of budgets for a company

A: Budgets play a vital role in the financial management of a company. They are comprehensive…

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: 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 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: Describe your understanding of budgets, both fixed and flexible, in the context of controlling and…

A: Organizations produce budgets for a variety of purposes, including cost control, performance…

Q: How can a company’s board of directors use the budget to influence the future direction of the firm?

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

Q: Explain what you understand by Budgets, Fixed Budgets and Flexible Budgets in the context of control…

A: Companies prepare budgets for various reasons such as controlling costs, evaluating performance, or…

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: What are some of the challenges in creating a budget for a company.

A: The objective of this question is to understand the various challenges that a company might face…

Q: What are some additional considerations that arise when budgeting in multinational companies?

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

Q: Describe the difference between service organization budgets and manufacturing organization budgets.

A: A budget is made up by every organization with an aim of knowing and the determination of the money…

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: ABD Company's direct labor is 40 percent of its conversion cost. If the manufacturing overhead cost…

A: Lets understand the basics. Conversion cost is a cost of converting raw material into the finished…

Q: Sales are often considered to be the principal budget factor of an organisation. Explain the meaning…

A: Sales budget presents the expected sales volume and sales value for the coming period.

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 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: 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: How are the master budget and the production budget related? How does the understanding of the…

A: The master budget is a comprehensive financial plan that outlines a company's financial goals and…

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: Why should the opportunity costs of a farmer's labor, capital, and management be included on an…

A: Opportunity Cost is the cost foregone on the next best alternative, if a particular option is…

Q: What is the reason for preparing a budget in business?

A: A budget is a systematic financial process to decide the future cash flows in advance to achieve the…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.