Week 5 Homework 2024 V3- Manipal

Q5 A budget is 'accepted' by managers when they______. Select one: a. relates it to their own personal objectives b. receive the budget in writing c. are consulted by top management d. agree to it verbally

Question 2 Budgeting is a very useful process for any organisation and it is essential in a number of areas including planning, controlling, evaluation of performance, motivation and communications. As the Budget officer for your organisation, your Managing Director has asked you to brief a senior management meeting that is scheduled to discuss the budgeting process for the upcoming year. One of the items on the agenda for the meeting is how to motivate the managers and also control the activities of these managers. You are required to: a) Explain how a budget can be used as a motivating tool as well as a controlling tool; b) Describe the limitations of budgeting in an organisation.

X Search the web ↑ EXPERT SOLUTION RECOMMENDED QUESTIONS Homework help starts here! ← Q&A Library Step 6 Budgeted Balance Sheet Minden Company Budgeted Balance sheet as on May 31 Assets Cash Accounts Receivable Inventory Building and equipment, net of Depreciation Total Assets Liabilities and stakeholders equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and stakeholders equity Still Need Help? FOLLOW UP QUESTION WAS THIS HELPFUL? FEEDBACK The company is in the process of preparing a budget... во Amount $ 8900 70000 40000 211500 330400 ASK AN EXPERT CHAT | √ MATH SOLVER 72000 20000 180000 58400 330400 where from

Q.How does preparing the budget help Hazlett’s management team better manage the company?

Flag question: Question 33   Why is budget important? Group of answer choices -It gives stakeholder good information about financial statement; -provide a good orderly management activities within an organization; -it is important to create balance sheet; -It is useful to manage liabilities.

Q.How does preparing the budget help Skulas’s management team better manage the company?

q: Budgeting: The various activities within a company should be coordinated bythe preparation of plans and actions for future periods. These detailed plans areusually referred to as budgets. Discuss the multiple functions of budgets.   Q2: Agency theory: Briefly discuss the agency theory and highlight real lifechallenges and issues

Budgeting types Consider the following budgets and budget types. Which budget or budget type should be used to meet the following needs? a. Upper management is planning for the next five years. b. A store manager wants to plan for different levels of sales. c. The accountant wants to determine if the company will have sufficient funds to pay expenses. d. The CEO wants to make companywide plans for the next year.

1. Explain why a company needs these budgets used in #2 of your homework and how will they help the manager prepare for the next year? For example: ordering inventory, increasing or decreasing material costs so their sales will increase and cost decrease (labor, raw materials, or costs that pertain to operations)? Make sure to explain what each budget tells the manager.

The preparation of an organization's budgeta. forces management to look ahead and try to see the future of the organization.b. requires that the entire management team work together to make and carry out the yearly plan.c. makes performance review possible at all levels of management.d. all of the above

Planning and Control Many companies use budgets for three purposes. First, they use them to plan how to deploy resources to best serve customers. Second, they use them to establish challenging goals, or stretch targets, to motivate employees to strive for exceptional results. Third, they use them to evaluate and reward employees. Assume that you are a sales manager working with your boss to create a sales budget for next year. Once the sales budget is established, it will influence how other departments within the company plan to deploy their resources. For example, the manufacturing manager will plan to produce enough units to meet budgeted unit sales. The sales budget will also be instrumental in determining your pay raise, potential for promotion, and bonus. If actual sales exceed the sales budget, it bodes well for your career. If actual sales are less than budgeted sales, it will diminish your financial compensation and potential for promotion. Required: 1. Do you think it would…

Categorize each of the following activities as to which management responsibility it fulfills: planning, directing, or controlling. Some activities may fulfill more than one responsibility. (Select an "X" in the input field if the management responsibility is fulfilled. If the management responsibility is not fulfilled, leave the input field empty.) Question content area bottom Part 1 Activity Management Responsibility Planning Directing Controlling a. Management decides to increase sales growth by 20% next year. b. Management analyzes the impact of a recent advertising campaign by comparing budgeted sales to actual sales. c. Management reviews hourly sales reports to determine the level of staffing needed to staff the customer service desk. d. Management uses information on product costs to determine sales prices. e. To lower production costs, management moves production to China.

Question 3                                                                                                                  Mischa Furniture Stores (“MFS”) is a company that specialises in office furniture based in Windhoek. Due to the effects of Covid-19, it has become very imperative for the company to manage its cash flows effectively. The owner of MFS knows of your skills in management accounting and has requested your service in the preparation of the forth coming quarter’s cash budget. Upon interviews with different departments at MFS, you have ascertained the following information:   Budget information for January, February and March 2023 is as follows:   January February March   N$ N$ N$ Sales        590 000         650 000         750 000  Production costs        300 000         350 000         420 000  Sales and Administration costs        150 000         170 000         200 000  Purchase of non-current assets…

Question 5 Evaluate 2 types of budgeting used in a medium sized private company with identification of merits and disadvantages of each method. a) b) What is an annual budget? Do all companies need to provide annual budgets? Please justify your answer.

Please select the correct answer “Communication” a.is when a department is willing to prepare a budget and share the information with other departments    b.forces executives to think of relationships among individual operations, departments, and the company as a whole    c.All of the responses are correct   d.is ensuring that all relevant parties are aware of the company’s objectives and that the objectives are understood and accepted by all departments and functions, especially when plans are developed

Select all of the benefits of budgeting. Facilitates the coordination of activities within the business O Requires management to plan ahead and formalize goals O Motivates personal throughout the organization to meet planned objectives ns O Results in greater management awareness of the business's overall operations O Provides definite objectives for evaluating performance

I have a finance team at work. As the year progresses, they need to maintain a record of cash flow and expenditure. What will they be required to do as a first step to building a budget? Question 1Select one: A. Find out the balance sheet of the company B. Find the profit and loss for the previous year C. Identify the expenditure and demand along with the cash flow of the company D. Build an income and expenditure statement Incorrect

Prioritizing Expenses for a Company Website Part 1: Select a website for a local small business. Examine it carefully. If you were to improve your selected website, how would you prioritize your budget? Begin by listing everything that went into making the website. Decide which elements need improving. Then, rank them from 1-5, for example, where one is the highest priority (i.e. most money would be spent) and 5 is the lowest priority (i.e. least amount of money would be allocated). Part 2: Now, you need to decide how to promote the company using this website most effectively. You have a $100,000 budget—determine how you allocate the budget using the template that follows.

Part C:     Budgeting and Financial plan Required: Research Unilever PLC and complete the following task:   Task 3A:   Critically evaluate the impact of budgeting process on any potential project and demonstrate how budgets, objectives, and strategic plans are related. Task 3B: Briefly discuss the significance of Business plan and analyse key elements of its financial plan section of a proposed business plan.     Task 3C:   There is a growing nascent for using of Artificial Intelligence (AI) and Machine Learning (ML) in financial community. Critical discuss (in 5-line ofwords), how either AI or ML could be effective in preparing a long-term budget.