Describe the difference between a static and a flexible budge
Q: ou are the controller for a corporation which owns several investments in debt securities, mainly in…
A: Answer :- Consider your intention and the amount of time you intend to hold the debt securities.…
Q: Collision and comprehensive: Multiple Choice O O Only pay the insurer Only pay the insured Are…
A: The purchase of collision insurance is often only possible in conjunction with the purchase of…
Q: In 2022, Carson is claimed as a dependent on his parents' tax return. His parents report taxable…
A: Taxable liability is the amount in the form of tax debt you owe to tax authorities.It is the total…
Q: Fitz Company reports the following information. Selected Annual Income Statement Data Net income…
A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…
Q: Majestic Corporation manufactures wheelbarrows and uses budgeted machine hours to allocate variable…
A: The unit cost is calculated as total cost divided by number of units produced. The overhead is…
Q: Which of the following statements is true for real rental property that has been depreciated using…
A: Which of the following statements is true for real rental property that has been depreciated using…
Q: Case X: Case Y: Case Z: Compute cash received from customers Sales Case X: Case Y: Case Z: Accounts…
A: The collecting of money (cash) from your clients is what is referred to as cash receipts. The cash…
Q: Do required 1 and 2
A: The company raises capital either by issuing preferred or equity shares, The equity shareholders are…
Q: Wildhorse Street Inc. makes unfinished bookcases that it sells for $59. Production costs are $38…
A: If the cost of further processing is less than the income from further processing, total income will…
Q: Does the report reflect fund financial statements for governmental, proprietary, and fiduciary…
A: Balance sheet, reflects entity's assets, liabilities, stakeholders' equity. Statement of revenues,…
Q: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…
A: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…
Q: The adjusted trial balance for Sheridan Farm Corporation at the end of the current year contained…
A: BALANCE SHEET Balance sheet Shows the Financial position of the Company. It Include Assets,…
Q: w do we record the interest payment (provide examples for both premium and discount amortization),…
A: The bonds are sold on the premium or discount to original value of the bond that is to paid on the…
Q: Which of the following is an example of nonrecourse debt? (a) A personal loan secured by collateral…
A: A nonrecourse debt is where the borrower is liable only till its collateral, i.e the lender can only…
Q: uary 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc.,…
A: Investment - The goal of investing is to make money from the asset that is being put up for…
Q: Question 19 Company P purchased 70% stock in Company S on Jan 1, 20X1 for $200,000. For the year…
A: Equity is the financial stake that the shareholders have in a corporation, as seen on the balance…
Q: ce tr ร ns are forfeited c ber 31, 2025, ass
A: Answer : Calculation of compensation expenses : Stock options 500,000 Fair value of options 4…
Q: As manager of the St. Cloud Theatre Company, you have decided that concession sales will support…
A: The Breakeven Point is that level of sales at which there is no profit no loss. In other words it is…
Q: Britney is a manufacturer of variety of cakes. The firm has provided the following data for the year…
A: Factory overheads are the expenses other than raw materials and direct labor used in the factory to…
Q: completing your corporate finance class, yo e on the board of directors of Cornwall Enter person…
A: Shareholders have voting rights and they are the owners of the company and they can participate in…
Q: Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $25 per…
A: A managerial accounting technique for recording all costs related to the production of a specific…
Q: John Corporation bases its overhead rate on direct labour hours. The expected direct labour hours at…
A: The predetermined overhead rate is calculated on the basis of estimated overhead cost and estimated…
Q: 10. The Augusta Health Company purchased land, buildings and equipment for $2,400,000. The land has…
A: INTRODUCTION: A debit is an accounting entry that results in a drop in liabilities or a rise in…
Q: ted net income; Liong Corporation paid $2,500,000 in cash for an 80 percent interest in Taro…
A: Consolidation - Corporate consolidation is the process of combining various business divisions or…
Q: 2. Complete the below table to calculate income statement data in common-size percents. (Round to 2…
A: The income statement is the most important part of the financial statement because this statement…
Q: Which of the following is not a common method of alternative dispute resolution.
A: Which of the following is not a common method of alternative dispute resolution? Solution: (D)…
Q: Q4. Firoz Corp. obtained a trade name in January 2010, incurring legal costs of SAR15,000. The…
A: Impairment may refer to a change in the structure or function of a person's body, as well as their…
Q: Zeidler Company bought a building and the land on which the building is located for a total cash…
A: Business organizations are required to charge the depreciation expense so that in the books of…
Q: The Weighted Mean 2\ If a manufacturer buys 200 units at OMR 5 per unit from one supplier and 500…
A: The average unit cost is calculated as total cost of goods divided by number of units. The weighted…
Q: Global Corp. expects sales to grow by 7% next year. Using the percent of sales method and the data…
A: Ratio analysis is a method of measuring the performance of an organization over a specific period of…
Q: Jim's Espresso expects sales to grow by 10.4% next year. Using the following statements LOADING...…
A: Percent to sales method refers to the model in which predictions are to be made on the basis of…
Q: Magtatagumpay Company inaugurated a promotional campaign on January 2, 2029 to promote the…
A: Promotional Campaigns are conducted in order to increase sales. By issuing a coupon for premium with…
Q: to fit nearly any small car. The company has a standard cost system in use for all of its products.…
A: Solution 1: Direct Material Cost Variance Actual Cost Standard cost…
Q: Becker Bikes manufactures tricycles. The company expects to sell 360 units in May and 490 units in…
A: WORKING NOTE: 1.CALCULATION OF REQUIRED PRODUCTION = SELLING UNIT - BEGINNING FINISHED GOODS +…
Q: Mechforce, Incorporated had net income of $158,900 for the year ended December 31, 2022. At the…
A: Number of common shares issued is the common stock. Treasury stock is the shares repurchased.…
Q: Bond discount, entries for bonds payable transactions, interest method of amortizing bond discount…
A: Bonds are issued as debt instruments. When the stated interest rate is less than the market interest…
Q: Explain the differences and implications between the ‘allowance method’ and the ‘direct write-off…
A: Under allowance method, the management of the entity decides a particular rate of the Accounts…
Q: BEJ-4 Indicate whether each of the following debits and credits is included in the cash receipts…
A: The cash receipts journal is the special journal to record the cash receipts transactions. The…
Q: Inventory this period P Inventory this period ventory this period IP Inventory ventory mit for of…
A: The question is related to process costing. The method used in the given question is FIFO method(…
Q: tecord journal entries for the following transactions of Piano Wholesalers. an. 1, 2018 Dec. 31,…
A: Journal entries A journal entry is the recording of a transactions into a journal like the general…
Q: Global Corp. expects sales to grow by 6% next year. Assume that Global pays out 50% of its net…
A: The amount of money that an individual or group holds in a business is referred to as the equity of…
Q: In cost accounting, differentiate between allowable, allocable, reasonable, and consistent costs.
A: Allowable: A cost is allowable to a project if it meets the following criterias- The costs are…
Q: Downhill Ski n' Board Resort, with 300 suites, has a rack rate of $240, and an actual room rate of…
A: Given Actual rate = $220 Rack rate = $240 Yield = 0.7950 (79.50/100)
Q: Fillmore, Inc., expects sales of its housing for electric motors to be $82,000, $72,000, and $89,000…
A: A budget is an estimate of future income and expenses. It shows the roadmap of the organization.…
Q: What employability skills do you need to get a business administration job (list three skills)
A: In order to get a business administration job, employability skills are important. Three skills that…
Q: Smith company produces golf discs which it normally sells to retailers for $7 each. The cost of…
A: Solution: For incremental analysis of special order, we should compare cost and revenues on…
Q: Dairy Delites had the following projected and incurred the following production and cost data shown…
A: Variable - MOH Price Variance - Variable MOH Price Variances is the difference between what is…
Q: Bond premium, entries for bonds payable transactions, interest method of amortizing bond premium.…
A: Bond :— It is one of the source of capital that pays fixed periodic interest and face value at the…
Q: When an entity issued bonds payable with detachable share warrants, how will share premium be…
A: When an entity issued bonds payable with detachable share warrants, how will share premium be…
Q: Purity Ice Cream Company bought a new ice cream maker at the beginning of the year at a cost of…
A: Depreciation :— It is decline in the value of asset due to continuos use. Straight Line Method of…
1. Describe the difference between a static and a flexible budget
2. Outline how often businesses must report GST
3. Describe a method that can be used to evaluate a budget or financial plan.
Step by step
Solved in 2 steps
- a. Explain your understanding about the budget cycle b. Please illustrate an example of budget cycle's application in a business illustration of a whole series in order of the budget cycle!Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…Q3:-what is the difference between budgets and budgeting, Reinforce your answer with examples , dates, and equations:-
- Which approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgetingDiscuss or explain thoroughly. 1. Explain the Budget Process.5. When developing a budget, an EXTERNAL factor to consider in the planning process is - Group of answer choices - the activities of competitors - development of new product - implementation of employee's retirement plan
- a.List and briefly discuss 1 advantage and 1 disadvantage of this approach to budget preparation using the context of the example given.how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL BUDGETING/EXPENDITURE SYSTEM (TRACKING OF EXPENSES AND INCOME, REPORTING DEFICITS)Briefly (5-10) lines) give a written amswer to the following question: What function does an annual budget serve as a part of a company's performance measurement system and how can a budget be used to encourage goal congruence (or 'alignment')?