Explain the situation: "Managing Without Budgets: Going Beyond Budgeting"
Q: What are the advantages and disadvantages of bottom-up budgeting process? What is budgetary slack?…
A: Bottom-up Budgeting Process It is a budgeting method that starts at the department level and moves…
Q: Why is participative budgeting often an effective management tool?
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Q: Explain the value of utilizing a balance sheet to make a budget adjustment. What is the danger?
A: The budgeted balance sheet is usually prepared at the start of the fiscal year. The organization…
Q: What is the main advantage of an object classification budget? What are its limitations? How do…
A: The budget is the estimation of all the revenue and expense of the company. It acts as a parameter…
Q: Explain why zero based budgeting might be a useful tool to employ to ensure that budgetary…
A: Budgeting is the way that one business uses to manage and control its cost elements for ensuring…
Q: Briefly describe the type of human behavior problems that might arise if budget goals are set too…
A: Budget is a tool which is used in the planning and controlling process by estimating the revenue and…
Q: What motivates PFG to install a budgeting and planning system?
A: Planning and Budgeting is an analytical application that helps to set top-down targets and generate…
Q: What are some limitations of the budgeting process?
A: Budgeting is an important exercise that is performed in most of the organizations. Budgeting has lot…
Q: What are the advantages and disadvantages of the participatory approach to budgeting?
A: Participative budgeting is a budgeting process in which the people who are in the lower levels of…
Q: Why might a rolling budget require more management participation than an annual budget?
A: Budget: It is an estimated and effective way of the utilization of funds for the financial control…
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: Why is the sales budget so important to the budgeting process?
A: Budget: It is a statement of estimated revenues and expenditures set for a specific period of…
Q: Which of the following is not the example of functional budget? Production Budget Cost of goods sold…
A: Functional Budget: Function Budget represent the function of a Business. For example to represent…
Q: Briefly describe the type of human behavior problems that might arise if budget goals are set too…
A: A budget is a financial plan for a defined period, often one year. It may also include planned sales…
Q: hat are the advantages and disadvantages of the new way of beyond budgeting?
A: Beyond budgeting - It is a concept which focuses on the adaptive management process and encourages…
Q: What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution…
A: Self-imposed budgets: It refers to the budgets in which personnel have responsibility over the…
Q: What is participative budgeting? What are its potential benefits? What are its potential…
A: Budget: Budget is an effective tool to present the estimated actions for future time period. It…
Q: What are some challenges and weaknesses that a firm may find in the budgeting process?
A: The lack of proper monitoring and review, lack of clear policy and procedures on budgets, poor…
Q: The accountant perspective of the budget views the budget as a rational decision-making tool? True…
A: Budgeting is the process of estimating the profitability, business requirements like production…
Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…
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Q: What are the limitations of the traditional budget? Despite the limitations, why it is still widely…
A: A budget is a financial plan used by organizations for a particular period of time, generally a…
Q: what is the difference between bottom up and beyond budgetin
A: Budgeting is the process of determining the expected costs and revenues for a particular period by…
Q: Why is the sales forecast the starting point in budgeting?
A: Master Budget: The master budget is a collection of budgets that is used by the company for…
Q: Why is it important to follow ethical provisions in making budgeting model?
A: Ethics implies the arrangement of rules that the association ought to follow. While in business,…
Q: Why are human factors critical in budgeting?
A: budgeting is such a process under which a detail plan of spending of the businesses is done in order…
Q: What are some of the dangers associated with failing to develop and manage budgets?
A: The following are the dangers associated with failing to set and manage budgets: 1) Incorrect…
Q: Out of the following options please tell me which are two dimensions or the main aspects of…
A: Budgeting is the process of making a plan for how person or organization will spend the money. A…
Q: Money management. How important of budgeting with spending?
A: Budgeting is referred to as the process for the creation of the plan in order to spend the funds of…
Q: What are the components of budgeting model and why is it important?
A: Budgeting The purpose of preparing the budget to evaluate the performance of the business for a…
Q: Why do organizations create budgets? What is the purpose or desired outcome? What would happen if…
A: Budget: Budget is the process of identifying, collecting, and summarizing the financial information.…
Q: Beyond Budgeting: Managing without budgets
A: Beyond Budgeting: - Beyond Budgeting is the idea of abolishing traditional budgeting processes to…
Q: what are the pros and cons for activity based budgeting ?
A: Activity based budgeting is a method in which activity are thoroughly analyzed to predict costs.it…
Q: How to prepare a cash budget for this question?
A: Cash Budget: A cash budget can be defined as the budget that is prepared to estimate the future cash…
Q: what are the differences between top down and beyond budgeting?
A: Budgeting is the process of estimating the income and expenditure to control the actual income and…
Q: How can an organization help to reduce the problems caused by budgetary slack?
A: Definition: Budgetary slack: The manager intentionally creates a slack into the budget as to avoid…
Q: what is meant by a “limiting budget factor”
A: Solution: Limiting budget factor is a constraint that prevents expanding the budget when prepared.
Q: Is participative budget more favorable than impose budget? Justify your answer
A: Introduction:- Participative budgeting is an essential budgeting method that allows organizations to…
Q: Explain the phrase: "Beyond Budgeting: Managing without budgets"
A: Solution:- Beyond Budgeting: - Beyond Budgeting is the idea of abolishing traditional budgeting…
Q: Why are budgets so important for all organizations, and what are some advantages and disadvantages…
A: Budget Meaning: Budgeting allows you to plan the finances of your organization. Budgeting is one of…
Q: All budgets depend on the sales budget. Is this true? Explain.
A: The sales budget is used in order to anticipate future revenues of the company that depends on…
Q: what is the difference between budgets and budgeting, Reinforce the answer with examples , dates,…
A: Introduction Budgets: Budgets are estimate of all expenses and revenues by the management for a…
Q: why is the cash budget regarded as a primary tool in short term financial planning? Discuss
A: Explanation:- The cash budget is 1 of the most important instruments for working capital management…
Explain the situation:
"Managing Without Budgets: Going Beyond Budgeting"
Step by step
Solved in 3 steps
- what is budgeting is accounting? Explain its significance and applications with examples ?What are the three major objectives of budgeting? Briefly describe the type of human behavior problems that might arise if budget goals are set too tightly.What is a flexible budget? Explain how a flexible budgetincreases the usefulness of budgeting as a means of evaluatingperformance.