Part I
\nShort-Answer Questions
\n1.\tWhat are the three main purposes of budgeting?
\n2.\tWhat are the purposes of master, planned operating, and financial budgets?
\n3.\tHow does the management by exception concept relate to budgeting?
\n4.\tWhat are five basic principles, which, if followed, should improve the probability of preparing a meaningful budget? Why is each important?
\n5.\tDefine and explain a budget variance.
\na.\tWhat is a favorable variance?
\nb.\tWhat is an unfavorable variance?
\nc.\tWhat is the purpose of computing variances?
\n6.\tDistinguish between a master budget and a responsibility budget.
\n7.\tThe budget established at the beginning of a given period carried an item for supplies expense in the amount of $40,000. At the end of the period, the supplies used amounted to $44,000. Can it be concluded from these data that there was an inefficient use of supplies or that care was not exercised in purchasing the supplies?
\n8.\tManagement must make certain assumptions about the business environment when preparing a budget. What areas should be considered?
\n9.\tWhy is budgeted performance better than past performance as a basis for judging actual results?
\nPart II
\nReal-World Example
\nReview the background material and do some research to learn about the budgeting practices of an existing business enterprise. Information can be found in the news, research papers, and on investment sites. Another option is to locate the financial statements for a company, make some assumptions, and prepare your own budget from an external point of view. Describe the situation and the results. Show computations when appropriate.<\/p>\n
Edspira. (2014, December 18). Introduction to budgeting (managerial accounting) [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=pCwLhz0ltlE
\nNotepirate. (2014, August 28). The master budget (managerial accounting tutorial #38) [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=n0iddr99fD4
\nEdspira. (2014, December 15). The sales budget [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=frCX_bsFsao
\nQuatere. (2010, December 21). Selling general and administrative expense (SG & A) [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=79xz7JTkVkY
\nProfAlldredge. (2015, April 29). Managerial accounting: Budgeted income statement [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=l5BBOZHhfjM
\nEdspira. (2014, December 23). Flexible budgeting [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=JHVaey2WdPE
\nIntrafocus. (2012, August 9). Balanced scorecard [Video file]. Retrieved from https:\/\/www.youtube.com\/watch?feature=player_embedded&v=M_IlOlywryw
\nWalther, L. (2016). Chapter 21: Budgeting – planning for success. In Principles of Accounting. Retrieved from http:\/\/www.principlesofaccounting.com\/chapter-21\/<\/p>\n","protected":false},"excerpt":{"rendered":"
Part I Short-Answer Questions 1. What are the three main purposes of budgeting? 2. What are the purposes of master, planned operating, and financial budgets?\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9022,9020,9021,9023,9018,9024,7392,9019],"tags":[576,7387,630,596,594,610,625,434],"class_list":["post-105859","post","type-post","status-publish","format-standard","hentry","category-assessment-assignment-help","category-coursework-help","category-homework-assignment","category-homework-help","category-i-need-help","category-research-essay","category-write-a-paper","category-write-an-essay","tag-best-dissertation-writing-services","tag-best-research-paper-writing-services","tag-college-paper-writing-service","tag-dissertation-writing-services-cost","tag-dissertation-writing-services-near-me","tag-dissertation-writing-services-reviews","tag-legit-research-paper-writing-services","tag-thesis-writing-services"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/105859","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=105859"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/105859\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=105859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=105859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=105859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}