Why is estimating operation and implementation costs in budgeting important?
Q: What is the most effective, Authoritative, or Participative Budgeting or combination of both?
A: Authoritative: Reasonable demands and a high level of attentiveness are features of authoritative…
Q: Explain in brief the concept of Iterative Budgeting?
A: Budget is the estimate for all the cost and expenses incurred. It helps in getting an idea of cost.
Q: Describe the budgeting process, three major budgeting challenges, and the four major types of…
A: Challenges The biggest challenge relate to the circumstances that have result in low revenue and…
Q: list at least three major factors for success in developing a budget and explain why they are…
A: Introduction- Budgeting your cash might be an ability that can scare some. A budget has an…
Q: . How is the budget implemented? 2. Who are the persons/ agency involved on the budget…
A: Budget can be defined as an estimation of expenses and revenue for a specific period of time. It is…
Q: types
A: A budget Is a method where the revenue and the cost for a specified period of time are estimated. It…
Q: What does it take to be an effective budget officer in a postsecondary institution
A: An effective budget officer used to provide leadership and coordination of the centralized financial…
Q: Discuss the importance of strategy and its role in the master budgeting process
A: Strategic management helps a decision-maker to get equipped with management tools or anticipating…
Q: 2.Explain why zero based budgeting might be a useful tool to employ to ensure that budgetary…
A: Zero-based budgeting introduced in the 1960s by retired Texas Instruments account supervisor Peter…
Q: Contrast the disadvantages of top down budgeting and bottom - up budgeting.
A: Introduction: The term Business refers to an exchange of goods and services between the buyer and…
Q: 17 Which of the following is not the classification of budgets on the basis of time? a. Rolling…
A: Budget: It is the evaluation of revenues or income going to be earned and expenses going to be…
Q: Discuss how would go about implementing the allignment of budget to each strategy mentioned above…
A: The organization's primary objective will be to have a proper flow of business process, and to…
Q: Do you think the behaviour of Rock and Raju is ethical? Why? b. In your opinion, what are the…
A: a. Budgetary slack is the practice by which revenues are underestimated and expenses are…
Q: Explain why net working capital is included in the report on capital budgeting and how it is…
A: The current project investments and liabilities must be weighed in order to arrive at an appropriate…
Q: Explain the principles behind lifecycle costing and briefly state why Fisher in particular should…
A: Life cycle costing is a multi-disciplinary movement. An expert, engaged with life cycle costing,…
Q: How can the Asset and Liability Management Committee can proactively manage the liquidity risk…
A: Asset and liability management is a method used by financial organizations to reduce financial risks…
Q: Why should the production requirements set forth in the production budget be carefully coordinated…
A: Hello thank you for the question. As per guidelines, we would provide only one answer at a time.…
Q: Discuss the mainrequirements for effectivemanagement.
A: Effective management is the process of efficiently and effectively planning, organizing, leading,…
Q: Describe at least three benefits that an organization can expect to realize from budgeting.…
A: Below are the three benefits an organization gains from budgeting:
Q: Why is it so critical to have senior management help when it comes to implementing an indirect…
A: Like all supervisors, the ranking director is answerable for arranging and coordinating crafted by a…
Q: Types of Budgeting
A: 1.) Incremental budgeting: It takes last year's actual figures into account and adds or subtracts a…
Q: Differentiate between strategic, tactical and operational planning within an organization and…
A: This question is related to the topic-Business strategy and this topic falls under the operations…
Q: Please explain what budget narrative is and why it is important.
A: Budgeting is the process of creating a plan to spend money. This spending is called the budget.…
Q: Under which perspective of the balanced scorecard would classify cash flows?
A: The balanced scorecard viewpoint to which cash flow measurement will be assigned.
Q: Define a budget and distinguish between a static budget and a flexible budget.
A: Dear students, as per the guidelines, we are supposed to answer only 1 question at a time (as you…
Q: Why is the sales budget considered the cornerstone of the organization’s master budget?
A: The Cornerstone of the budgeting process is the sales budget because the usefulness of the entire…
Q: Describe the steps in predicting the financial needs of the venture
A: The steps involved in forcasting the financial requirements of a business venture are explained…
Q: Explain what is the incremental analysis approach?
A: Incremental analysis is a technique used in business to ascertain the actual cost difference between…
Q: How is peculative production related to a firm’s cash-flow problems?
A: Speculative production refers to the break time between the production of goods and the sale of…
Q: Please describe the budget narrative and why it is so relevant.
A: Budgeting is the method of making a financial plan. The budget is the name given to this…
Q: Describe the type of data and information you would gather to try to justify the cost and time…
A: Management is about organizing people and procedures in a manner that helps the organization achieve…
Q: At what points in the planning process would you expect accounting/ finance, marketing, information…
A: A plan is a detailed procedure that entails the various strategies of a company to achieve…
Q: Why should the production requirements set forth in the production budget be carefully coordinated…
A: A Production Budget can be defines as a financial plan which aims to forecast what level of…
Q: Discuss how activity-based budgeting OR value proposition budgeting can be adopted by a local bank…
A: ANSWER IS AS BELOW:
Q: Why is brainstorming helpful in engineering financial decisions? What are some tools that are…
A: Decision making is a process of choosing the best options among the alternatives available. It has…
Q: Does the new procedure for the budget help or hinder the achievement of Sustainable Development…
A: Sustainable Development Goals - There are 17 sustainable development goals from 2015 - 2030.…
Q: what is budget preparation?
A: The planning stage involves planning regarding manufacturing, financing, and marketing activities of…
Q: Define the term portfolio matrix?
A: Building and managing a portfolio entails selecting investments that satisfy an investor's long-term…
Q: Describe at least three advantages that budgeting can bring to an organisation. (Adapted from the…
A: The three benefits of budgeting for a business are as follows: 2nd Step
Q: 7 keys of effective budget and explain
A: A budget is defined to be a financial plan that has been proposed for a specific period of time. The…
Q: What are the benefits derived from planning audits?
A: An audit is a "independent review of any entity's financial records, whether profit-oriented or not,…
Q: What is a replacement chain? When and how should a replacement chain be used in capital budgeting?
A: THE ANSWER IS AS BELOW:
Q: Describe alternative approaches to budgeting (viz., zero-base, activity-based,time-driven…
A: Budgeting is the process of estimating the revenues and expenses over a specified period of time in…
Why is estimating operation and implementation costs in budgeting important?
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Solved in 2 steps
- Can Budgeting can be used as an effective substitute for planning?What are some potential problems with the top-down and bottom-up budgeting processes? What are some ways of dealing with these potential problems? In preparing a budget, what indirect costs should be considered?Why should the production requirements set forth in the production budget be carefully coordinated with the sales budget? What is participative budgeting?
- What role do budgets play in the planning process? How can organizations develop and manage budgets effectively?Discuss the concept of budgeting as a key component of the planning process. How can budgets be used to control and monitor organizational performance?What is the role of financial planning in the overall planning process, and what specific areas does it cover, such as budgeting, forecasting, and financial analysis?
- How can an organization effectively manage and allocate resources in its long-term planning efforts?What are the behavioural aspect of participation of a management accountant in the budgeting process.What are some of the most common challenges that organizations face when trying to develop and implement effective planning processes, and how can these challenges be overcome?