Describe the 5 types of budgetslisted for these Wk 3 FinancialExercises: Problem Set 2, Part 1.In your descriptions, include thebudget's objective, how thebudget assists an organization inmanaging its financial activities,and what types of data need to beincluded in that specific budget.Type of BudgetCash FlowOperatingSalesStaticFinancialDescriptionInsert cash flow description.Insert operating description.Insert sales description.Insert static description.Insert financial description.

Budget - is a financial plan undertaken by government, business, etc. to estimate revenues and…

Answered: Describe the 5 types of budgets listed…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 16MC: Which of the following includes only financial budgets? capital asset budget, budgeted income...

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Match the definitions 1 through 8 with the term or phrase a through h. a. Budget e. Master budget b. Top-down budgeting f. Budgetary slack c. Participatory budgeting g. Sales budget d. Cash budget h. Budgeted income statement 1. Shows expected cash inflows and outflows and helps determine financing needs. 2. A plan showing units to be sold; the usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A formal statement of future plans, usually expressed in monetary terms. 5. Approach in which top management passes down a budget without employee input. 6. A budgetary cushion used to meet performance targets. 7. A comprehensive business plan that includes operating, investing, and financing budgets. 8. Employees affected by a budget help in preparing it.
Define the following with formulaes if possible: 3. Purchases Budget 4. Cash Payment Budget 5. Summary Cash Budget 6. Short Term Financial Needs 7. Budgeted Income Statement 8. Budgeted Balance Sheet
Select each of the terms with the best description of its purpose. 1. Helps determine financing needs. Definitions 2. The usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A budgetary cushion used to meet performance targets. 5. A comprehensive plan that consists of several budgets that are linked. 6. Employees affected by a budget help in preparing it. Terms
1. Describe the difference between a static and a flexible budget 2. Outline how often businesses must report GST 3. Describe a method that can be used to evaluate a budget or financial plan.
Define the following with formulaes if possible: Please write full definations. 1. Cash Receipt Budget 2. Short Term Financial Needs 3.Budgeted Income Statement 4. Budgeted Balance Sheet
Item 1 Which of the following is a budget used to project cash flow and likely cash shortfalls and/or surpluses? Multiple Choice Financing budget Master budget Rolling budget Operational budget Capital budget
Matching Following are a number of key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–12). Note that not all key terms and concepts will be used. Answers are provided at the end of this chapter.a. Budgetingb. Top-down budgetingc. Participative budgetingd. Zero-based budgetinge. Single-period budgetf. Rolling (or continuous) budgetg. Operating budgeth. Budget slack (or budget padding)i. Cash budgetj. Committed costk. Discretionary costl. Standard costm. Ideal (or engineered) standardn. Attainable standardo. Past experience standardp. Predetermined overhead application rate____ 1. A budgeting process that involves justifying resource requirements based on an analysis and prioritization of unit objectives without reference to prior period budget allowances.____ 2. A budgeting approach that implies little or no input from lower levels of…
REQUIRED: Prepare the Cash Budget and Budgeted Income Statement. NOTE: NEED ASAP! Thank you
Define the following with formulaes if possible: Please write full definations. 1. Sales Budget 2. Cash Receipt Budget 3. Purchases Budget 4. Cash Payment Budget 5. Summary Cash Budget 6. Short Term Financial Needs 7. Budgeted Income Statement 8. Budgeted Balance Sheet
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…
a. Explain your understanding about the budget cycleb. Please give an example of budget cycle's application in a business illustration of a whole series in order of the budget cycle!
Which of the following is the cornerstone (or most critical element) of the master budget? a. The operating expenses budgetb. The budgeted balance sheetc. The sales budget d. The inventory, purchases, and cost of goods sold budget The budgeted statement of cash flows is part of which element of Amazon.com’s master budget? The financial budget The operating budget The capital expenditures budget None of the above

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Describe the 5 types of budgets listed for these Wk 3 Financial Exercises: Problem Set 2, Part 1. In your descriptions, include the budget's objective, how the budget assists an organization in managing its financial activities, and what types of data need to be included in that specific budget.