Which among the following techniques is/are part of controlling? a. All the options listed b. Budgetary control c. Standard costing d. Internal audit

Q: The major objectives of any budget system are to Define responsibility centers, provide a framework…

A: Meaning of Budgeting System :- An effective budgeting system is vital to the success and survival of…

Q: Which budget evaluates the results of operations at the actual level of activity?   A) capital…

A: In a flexible budget, the actual level of activity is compared with the budgeted.

Q: A performance measurement tool that integrates an organization’s financial and non-financial…

A: Zero-based budgeting - This means making a budget from scratch. The company starts the budget with…

Q: 1- What are the four cost categories of a costs of quality program? 2- What are relevant revenues…

A: Cost of quality program's costs can be divided into two main groups and four sub-groups. Main two…

Q: Which of the following are the example of appropriate subject matter related to assurance…

A: the following are the example of appropriate subject matter related to assurance engagement ii.…

Q: Differentiate between the mechanisms of an “actual costing” budgetary system against a “normal…

A: Budgetary system is the system which is applied by the company in order to be on track and within…

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: In a management setting, does Transfer Pricing affects the previous topics - Absorption & Variable,…

A: Transfer pricing is the strategy which is adopted by the company in order to charge the amount for…

Q: Which among the following is a tool of management accounting? a. Risk analysis b. Budgeting c.…

A: Accounting for management: Management or managerial accounting establishes organizational goals by…

Q: Differentiate between Cost audit and Financial audit.

A: An auditing is a process where the auditor examines or inspects various books of accounts, followed…

Q: According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in…

A: Budgets are quantitative plans which are used for allocation of resources, comparing and controlling…

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: QUESTION 26 For which responsibility centers would the performance reports contain budgeted and…

A: The center where the responsibility of displaying both the revenue and the expanse simultaneously is…

Q: The refers to a measure of acceptable performance established by management a guide in making…

A: The answer is option b standards

Q: The following are advantages of budgeting, except Allocates resources of the company Define goals…

A: Lets understand the meaning and advantage of budgets. Budget is a estimation of income and…

Q: This type of standard specify how much should be paid for the quantity of the input to be used.…

A: A standard cost is a predetermined cost which determine unit of product or service rendered during…

Q: The use of standard costs in pricing and budgeting is quite valuable  since decisions in the fields…

A: Standard cost is the cost which is predetermined and which is expected to be incurred during the…

Q: Explain standard costing and state the any 3 types of standards. State the importance of standards.…

A: Standard Costing : It's a branch of cost accounting that's used by a manufacturer, for example, to…

Q: Which of the following represents a proper sequencing (correct order) in which the budgets below a…

A: Budget is the term which is defined as the estimation of revenues as well as expenses over the…

Q: Another term used for performance audit is * a. Agency activity audit b. Value for money audit c.…

A: A performance audit s an independent assessment of an entity's operations to determine if specific…

Q: Which costing techniques are related to a predetermined cost as a performance targe and actual…

A: Solution: "Standard costing" are related to a predetermined cost as a performance target and actual…

Q: The process of creating a formal plan and translating goals into quantitative form is Process…

A: The process of creating a formal plan and translating goals into quantitative forms is known as…

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: 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: Management practice where only significant variances in each area of operation are given significant…

A: Variances are the difference between the standard and actual performance. Management need to give…

Q: ​_______ can be defined as compelling events to go according to plan.   A. Budgeting   B. Management…

A: Compelling events are events that forces to take some decision.

Q: Which one of the following is related to the decision making function of management: O a.…

A: Management is required to take various decisions from time to time so as to perform the business…

Q: Discuss standard costs and indicate how they can be used by management in planning and control.

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

Q: In a management setting, does Transfer Pricing affects Absorption & Variable, Budgeting, and…

A: Transfer Pricing Transfer prices are required when profit centres are utilised to determine the…

Q: According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in…

A: Introduction  Budget may be defined as that type of financial planning which is done to manage the…

Q: The following items are some of the tools and techniques used in management accounting. - Budgeting…

A: Management accounting is method to calculate and analyze the data in such a way that managers can…

Q: Distinguish between the control purpose and the productcosting purpose of standard costing and…

A: Flexible Budget: A flexible budget is a budget that is prepared for different levels of the output.…

Q: Define standard costs and briefly indicate how they may beused by management in planning and…

A: Standard costs: Standard costs are the per-unit cost that is expected to be incurred under normal…

Q: Static budgets are often used:A.By production departmentsB.By administrative departmentsC.By…

A: Static budgets are those budgets or estimates in which future forecast is made about anticipated…

Q: What are support departments, and why are their costs allocated to other departments?  What process…

A: Hi, since you have posted multiple questions, we are answering the 1st question for you. To get the…

Q: Which of the following is true in a bottom-up budgeting approach?   a.Supervisors tell departments…

A: Management adapts the current year's budget to suit future objectives, making changes as needed.…

Q: Who will be the coordinator for standard costing committee ?   Chief Engineer General Manager Cost…

A: The technique using which the variance between the estimated costs and actual costs can be computed…

Q: Using performance reports to evaluate cost, revenue, and profit centers Management by exception is a…

A:

Q: Costing information can be used for? a. Budget control and evaluation b. Determining standard costs…

A: Costing is process to assign cost to different elements in organisation.

Q: . The use of standard costs in pricing and budgeting is quite valuable since decisions in the fields…

A: Standard costs are estimates of the actual costs in a company’s production process, because actual…

Q: The accounting relates to assortment, classification and measurement of cost for analyzing methods/…

A: There are several types of accounting made for different users.

Q: A responsibility center in which the department manager has responsibility for and authority over…

A: Costs might be traced to manufacturing and to specific locations within a business entity and…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.