1. Explain the concept of responsibility accounting and its relation with budgeting.

Q: Which of the following statements about budgeting is incorrect? a. Budgets provide direction and…

A: a ) Budgets provide direction and coordination.      This statement is correct because budgeting…

Q: managers duty to take appropriate action when accounting reports indicate

A: Managers are involved in planning and implementing appropriate actions to lead the organization…

Q: Define the terms relative-performance (relative-improvement) contract and rolling financial…

A: Relative performance: It is related to the evaluation of the performance of an individual based on…

Q: When an organization involves its many employees in the budgeting process in a meaningful way, the…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: of the budget in making management decisions?

A: Budget is defined as an estimate of revenue income and expenses for a set period of time. Budget is…

Q: 5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate…

A: Budgets are compiled at least annually by most companies in order to plan their operations for the…

Q: for a person to commit budgetary slack

A: Budgetary slack refers to the concept when the estimated expenses or revenues of a project are…

Q: In practice, when developing a budget, two extremes used for guidance are ________ and ________. A)…

A: Budgeting is the process of estimating projected cash coming in from different sources such as sales…

Q: How management accounting and cost accounting can be an efficient in monetary and non-monetary…

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a…

Q: Which of the following is not a management report? A.Sales by product actual versus budget B.…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: The following are advantages of budgeting, except Allocates resources of the company Define goals…

A: Lets understand the meaning and advantage of budgets. Budget is a estimation of income and…

Q: What assumption is implicitly made about cost behavior when all of the items in a budget areadjusted…

A: Definition: Static Budget: A budget that doesn’t changes with the volume of activity throughout the…

Q: The Zero Base Budget (ZBB) is the budget system that most influences resource allocation management…

A: SOLUTION EXPLANATION IN TRADITIONAL BUDGETING , THE TOP MANAGEMENT TAKES THE DECISIONS REGARDING ANT…

Q: how can I apply MIS ( management information system ) successfully in this topic: A PERSONAL…

A: Management accounting is the act of distinguishing, estimating, investigating, deciphering, and…

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: Which of the following is not a benefit of budgeting? a. It sets some standards to evaluate…

A: Budgeting is the activity of planning of costs and expenses for an entity. It is one of the most…

Q: III. Challenging budgets tend to motivate improved performance.

A: In the budget, the targeted performance of each employee is determined. These can be used as a…

Q: ​_______ can be defined as compelling events to go according to plan.   A. Budgeting   B. Management…

A: Compelling events are events that forces to take some decision.

Q: Which of the following statements relating to budgeting is NOT true? a) A budget is a formal…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Why is it important to have a fair, balance criteria in making budge

A: Budgeting model is the model which establish the budget for business where it match the actual…

Q: Which of the following is not an advantage of budgeting? a) Forces managers to plan b) Provides…

A: Budget: A budget is an estimation of revenue and expenses over a specified period of time and is…

Q: What assumption is implicitly made about cost behavior when a budget is directly compared toactual…

A:

Q: 1. How does budgeting provide important information to managers and operating personnel?

A: Budget is like preparing plan for the future process and it includes how efficiently sources or…

Q: Which of the following budgeting processes is LEAST likely to motivate managers toward…

A: Budget Process: The budget process assists the management by determining standards for the…

Q: Which of the following best describes the role of top management in the budgeting process? Should…

A: Correct option is 3.Should be enthusiastic and committed to the budget process

Q: Why is a clear understanding of management’s goals and objectives necessary for effective budgets?

A: Budgeting is a process of planning future expenses and income so that an organization ensure the…

Q: Budgeting systems should be subjected to the cost-benefit approach

A: Budgeting represents the procedure of preparing a budget by the company in order to estimate the…

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: Discuss any three advantages of budgeting? The subject is Managerial Accounting.

A: Budgeting:-It is a process of creating a plan for how to spend money. This spending plan is called…

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: budget performance is abetter critical than past performance for judging managers" do you agree…

A: For judging the current performance  we need a benchmark against which we can see and compare 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: indicate yes if the item is an important budgeting guideline orno if it is not. Employees should…

A:

Q: 1. Which of the following is true? a) The direct materials purchase budget is determined from the…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Activity-based budgeting is a budget system based on expected activities. Describe activity-based…

A: Activity Based Budgeting is a system of budgeting that records , researches , analyzes and interpret…

Q: What is the relationship between the master budget and responsibility accounting?

A: Definition of budget: According to CIMA Budget means " Quantitative expression of a plan for a…

Q: 5. Which of the following is not a benefit of budgeting? A. It sets some standards to evaluate…

A: Budgeting: Budgeting is that the method of making a plan to pay your cash.  Benefits of Budgeting…

Q: What are the difficulties that might face by management accountant in budgeting process?

A: The budgeting process is used in financial planning which includes setting goals and gathering data…

Q: Which of the following is not a benefit of budgeting It is a basis for performance evaluation.

A: A budget is a forecast of the financial position and the results of the company for the period of…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.