A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control. To discuss: Some of the major reasons of preparing the budgets.

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Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

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Why do companies prepare budgets?

Discuss why budgets are so important for all organizations. Describe some advantages and disadvantages to budgeting.

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Answer 2

Question

Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

Answer 6

Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

Answer 7

Chapter 8, Problem 2Q

To determine

Concept Introduction:

A budget is an estimation or prediction of revenues and expenses for the future. In the other words, a budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. It refers to the quantitative plan that includes income and expenses for a specific period in the future. A budget is used for planning as well as for control.

To discuss: Some of the major reasons of preparing the budgets.

Answer 8

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Answer 10

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Answer 11

Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - 8-4 What is a master budget? Briefly describe its...Ch. 8 - 8—5 Why is the sales forecast the starting point...Ch. 8 - Prob. 6Q Ch. 8 - 8-7 Why is it a good idea to create a ‘"Budgeting...Ch. 8 - 8-8 What is a self-imposed budget? What are the...Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

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