Understand whyorganizations budget and theprocesses they use to createbudgets.

Q: what are the first two steps of a master budget? and are there formulas that are used for those…

A: The first two steps of a master budget are as follows: 1) Preparation of sales budget. A sales…

Q: How can budgeting be used for strategic allocation of resources?

A: In budgeting, standards are set for the next period so that actual performance could be directed…

Q: Discuss some of the major benefits to be gained from budgeting.

A: Budget:   A budget is a statement of estimated revenues and expenditures for a specific period of…

Q: Explain the benefits of budgeting.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: Briefly explain “Self-Impose Budget or Participative” and “Master Budget”.

A: Here are given two terms. (1) Self imposed budget or participative budget (2) Master budget Lets…

Q: What is continuous budgeting?

A: Continuous budgeting refers to when a budget of a month ends, immediately the succeeding month…

Q: Discuss why budgets are so important for all organizations. Describe some advantages and…

A: Budgets are an indispensable part of business organizations because they assist business…

Q: Before a direct materials budget can be prepared you first need to

A: Budgeting can be defined as the process of setting standards of performance against which the actual…

Q: Please explain why the timing of the direct materials purchases should be closely coordinated with…

A: Budgets:- Budget is referred as the financial plan of revenue and expenses pf particular company on…

Q: The master budget will comprise of what?

A: A MASTER BUDGET IS A SERIES OF SMALLER BUDGETS THAT ARE ROLLED UP INTO ONE LARGER BUDGET TO PROVIDE…

Q: What is the first step in preparing a master budget ?

A: The master budget seems to be the budget that combines all of the other budgets into a single budget…

Q: Evaluate the importance of standard costing in budgeting process within firms

A: In Standard costing an expected cost is substituted above an actual cost, while recording accounting…

Q: Explain the relationship between performance reports and flexible budgeting.

A:

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: What are the benefits of a master budget?

A: Master Budget:The master budget is the core budget that describes the full process of budget. This…

Q: Briefly tell how Program Based Budgeting (PBB) interface with the GIFMIS?

A: SOLUTION- Program-Based Budgeting is a budgeting tool where all budgetary information is organized…

Q: uses and advantage of budget

A: Budget is referred to as an estimation of the expenses as well as revenues of the individual or the…

Q: what are the 3rd and 4th steps to a master budget? Are there formulas that go with these steps?

A: Master Budget: The master budget is the core budget that explains the complete process of the…

Q: One benefit of budgeting is coordination and communication. Explain what this means.

A: Budgeting: It is the process where the planning is done for spending less than the earning.

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: how would management use a Master budget?

A: A master budget is a central planning mechanism used by a management committee to direct a…

Q: Describe the steps in developing a flexible budget.

A: Flexible Budget: Flexible budget is a financial plan prepared for a particular period of time on…

Q: Describe how nonoutput-based cost drivers can be incorporated into budgeting.

A: Budget: The budgeting is a process of preparing budgets and the evaluation of it to see whether the…

Q: How flexible budget through performance reporting is help for the management in determination of…

A: Budgeting refers to preparation of  estimated financial data using the past records. Flexible budget…

Q: Create budget assumption

A: Budgeting: Budgeting can be defined as the process of developing a financial plan that company…

Q: Define Control. How are budgets used to control?

A: Control means cut down or limiting the expenses of the business. Cost control is very important in a…

Q: What are budgets used for?

A: Management accounting is one of the branches of accounting. Unlike financial accounting, the…

Q: Define Kaizen budgeting.

A:

Q: Why is it a good idea to create a “Budgeting Assumptions” tab when creating a master budget…

A: Master budget: Master budget is an interrelated budget that collectively summarizes all the planned…

Q: The starting point for preparing the master budget is the

A: Master Budget:   The master budget is a collection of budgets that is used by the company for…

Q: Describe how non output-based cost drivers can be incorporated into budgeting.

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

Q: Why is flexibility very important for PFG’s budgeting system to be effective?

A: PFG stands for Penn Fuel Gas, Inc. It is a public utility holding company selling natural gas,…

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

A: Introduction: Budgeting isn't the only thing that has to be done. Beyond Budgeting is the concept of…

Q: What are the benefits of preparing a production and direct materials budget?

A: The estimated financial statement being at the beginning of the accounting year based upon past…

Q: Explain the components of master budget.

A: Master Budget:   A master budget is defined as an aggregation of all the lower-level budgets that…

Q: Compare how alternative budget time frames can be used.

A: A budget is a quantitative plan for acquisition and use of resources in a business over a specified…

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: Can you explain what a rolling budget is?

A: Budget:   A budget is a statement of expected revenues and expenditures of the business for a…

Q: Analyze expense planning using activity-based budgeting.

A: Activity-based budgeting (ABB) refers to the system of creating a budget which documents/records,…

Q: Explained how the use of an activity-based costing system could change the results of the budget if…

A: Activity based costing is the type of costing in which the costs are estimated according to the…

Q: Define the term production budget.

A: The creation financial plan figures the quantity of units of items that should be fabricated, and is…