articulate a process that can be followed in terms of creating a budget control plan with...
articulate a process that can be followed in terms of creating a budget control plan with a spread sheet program
Homework Answers
Budgetary control is a system of procedures used to ensure that an organization's actual revenues and expenditures adhere closely to its financial plan.
Main steps involved in making of Budget is -
1. Planning
2. Aligning Budget to Strategic plan/Participation in Goal-setting
3. Preparation of Budget
4. Communication of Budget
5. Measuring Results
6. Comparing results and analyzing results/Follow-up
7. Reporting the results and taking actions
8. Revise the Budgets, if need be/Flexibility
| Sales Budget for XYZ Inc for the year ended 31st December 20xx | ||||
| Particulars | Q1 | Q2 | Q3 | Q4 |
| Sales Unit (Forecasted)...A | 4000 | 5000 | 6000 | 6500 |
| Price per unit...B | 5 | 5 | 6 | 6 |
| Total Gross Sales (A * B) | 20000 | 25000 | 36000 | 39000 |
| Production Budget for XYZ Inc for the year ended 31st December 20xx | |||||
| Particulars | Q1 | Q2 | Q3 | Q4 | |
| A | Sales Unit (Forecasted) | 7000 | 8000 | 8500 | 9000 |
| B | Planned units of inventory | 1000 | 1000 | 1000 | 1000 |
| C | Total Production required (A + B) | 8000 | 9000 | 9500 | 10000 |
| D | Beginning inventory of Finished Goods | 1500 | 1000 | 1000 | 1000 |
| Units to be produced (C - D) | 6500 | 8000 | 8500 | 9000 | |
.
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articulate a process that can be followed in terms of
creating a budget control plan with...
19) Presented below are terms or phrases preceded by letters (a) through C) and followed by...
19) Presented below are terms or phrases preceded by letters (a) through C) and followed by a list of definitions I through 10. Match the correct definitions with the terms or phrases by placing the letter of the term or phrase in the answer space provided at the beginning of the definition. (a) Budget (b) Capital expenditures budget (c) Activity-based budgeting (d) Sales budget (e) Production budget (f) Cash budget (g) Budgeted balance sheet (h) Continuous budgeting Selling expense budget...
Budget top down budget budgetary control Select each of the terms with the best description of...
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Select each of the terms with the best description of its purpose. Terms Budgeting Definitions 1. Planning future business actions and expressing them as formal plans 2. A comprehensive business plan that includes operating investing, and financing budgets 3. Employees who will be evaluated by a budget help prepare it 4 Shows expected cash inflows and outflows and helps determine financing needs 5. An approach that requires all expenses to be justified for each...
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Control can be defined as a.identification of corporate objectives. b.the process of setting standards, receiving feedback...
Control can be defined as a.identification of corporate objectives. b.the process of setting standards, receiving feedback on actual performance, and taking corrective action whenever actual performance deviates significantly from plan. c.a comprehensive financial plan. d.a quantification of plans, stated in either physical or financial terms, or both.
QUESTION 16 True or False? The state health department is creating a strategic plan to help...
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Is it possible that the control process might have detrimental impacts on the budget process, such...
Is it possible that the control process might have detrimental impacts on the budget process, such as slowing it down or making it less responsive to the market conditions an organization faces?
9-1 A budget a. b. c. is a long-term plan. covers at least 2 years. is only a control tool. d. is...
9-1 A budget a. b. c. is a long-term plan. covers at least 2 years. is only a control tool. d. is a short-term financial plan. e. is necessary only for large firms 9-2 Which of the following is part of the control process? Monitoring of actual activity Comparison of actual with planned activity Taking corrective action All of these. d. a. b. c. Investigating 9-3 Which of the following is not an advantage of budgeting? It provides a standard...
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Select each of the terms with the best description of its purpose. Terms Budgeting Definitions 1. Planning future business actions and expressing them as formal plans 2. A comprehensive business plan that includes operating investing, and financing budgets 3. Employees who will be evaluated by a budget help prepare it 4 Shows expected cash inflows and outflows and helps determine financing needs 5. An approach that requires all expenses to be justified for each...
QUESTION 16 True or False? The state health department is creating a strategic plan to help determine the need for a childhood obesity program. They identify that the department's workforce is highly committed. This is an example of an opportunity in terms of SWOT analysis True O False QUESTION 17 True or False? Key issue analysis is a way an organization can plan for significant and relevant events that would influence the strategic plan. True False QUESTION 18 True or...
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