FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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When a company develops and implements a
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In accounting master budget is a very important financial planning document.
Essentially a master budget is the aggregation of all lower level budgets (sales budget, production budget, cash budget etc.) produced by the different departments of the company.
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- b) ‘Budgeting has a number of different purposes including: Planning; Control; Performance evaluation; Motivation. Some managers believe that zero-based budget is more beneficial than other types of the budget for firms.’ Required: Critically discuss the above statement with reference to academic literature. In your discussion, you should refer to the budgeting systems you learned in this module.arrow_forwardBudgets need to be fair and attainable for employees to consider the budget important in their normal daily activities. Which of the following situations will likely lead to human behavior problems? a. allowing employees the opportunity to be a part of the budget process b. setting goals too loosely, creating a budgetary slack c. setting goals that are consistent across the firm d. setting goals that are reasonable and attainablearrow_forwardBudgeting is essential to businesses, but it is not that simple to implement. What are some challenges and weaknesses that a firm may find in the budgeting process?arrow_forward
- How can an organization prevent budgetary slack in the budgeting process since the bonuses of managers are tied to the budget?arrow_forwardWhich of the following is a feature that distinguishes a traditional performance budget from other budget classification structures? Measurement of worth of agency functions to society Quantitative performance objectives for agencies and departments Unit cost estimates for tasks or activities Cost estimates for each agencyarrow_forwardWhile the operating budgets reflect the operating activities of the company, the financial budgets reflect the financing and investing activities. Group of answer choices True Falsearrow_forward
- Why does a company's budget need to be closely linked to the needs of good strategy execution? Why might a change in strategy call for budget reallocations?arrow_forward1. 2. On January 1, 2025, Pina Company issued $132,000 of 7%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. On June 1, 2025, Grouper Company issued $84,000 of 11%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following.arrow_forwardWhich of the following is not a benefit of participative budgeting? Multiple Choice It serves as training or development for managers. It provides information that employees know but managers do not. It reduces or eliminates the need for tracking actual cost activity. It enhances employee motivation and acceptance of goals.arrow_forward
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