Chapter 24, Problem 7EYCT

Which among the expenses you have listed covers the majority of the budget? Which among the expenses are Fixed? Which among are Variable? What particular item in your expenses should have a reduced budget and which should have a bigger budget? From the Financial Report you have made, discuss your family’s financial situation. Is there a need for your family to create or strengthen its financial planning? Why or why not? What do you think heavily contributes to the decision-making on which item is prioritized, which is given more budget? What is your role as a member of the family to make sure that the family budget would fit the expenses for a week or month? From our discussion reflect and discuss this statement: Cite at least 2 sources “Poor Filipino families cannot afford to be Financially Literate”

Explain the situation: "Managing Without Budgets: Going Beyond Budgeting"

What are the limitations of the traditional budget? Despite the limitations, why it is still widely used (i.e. its strengths)? How can we overcome some of the limitations of the traditional budget?

Project expenditure management may be overlooked by many IT professionals, which may have a negative influence on the project's completion. Explanation of the budgeting process for a new project. What is a "sunk cost" and how do you define it? Both IT and human sunk costs should be included in the examples. What is it about them that makes it so difficult to ignore them?

Budgeting 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?

What are standard costs and why do companies use standard costs? Discuss the difference between ideal and practical standards. Which is most useful to a company and why? In your opinion, what are the two most significant advantages and disadvantages of using standard costs? Support your opinion. What is a static planning budget? Is it useful? Why or why not? What is a flexible budget? How does it differ from a static planning budget? Explain why the flexible budget more useful than the static planning budget.

i am trying to go through and understand this question and how to do it but there are multiple values that my homework says are wrong and there is a line missing under interest expense. without the correct values for the ending table I will not be able to understand how to complete a cash budget like this

Explain the phrase: "Beyond Budgeting: Managing without budgets"

What are the major objectives of budgeting? Briefly describe the type of human behavior problems that might arise if budget goals are set too tightly. What behavioral problems are associated with setting a budget too loosely? Why should the production requirements set forth in the production budget be carefully coordinated with the sales budget?