How do explain the three different types of budgeting

Assignment Help Managerial Accounting
Reference no: EM132605335

Problem 1: Assume you're an operations manager who has been working at ABC Company for the past month. You have recently found out that the company has never set a budget plan for their productions. Due to the lack of budget plan, the company was not able to communicate their objectives in an efficient way therefore was not able to evaluate the performance at departmental level. In order for you to be able to convince the top management that a budget plan is essential for every company, you are required to clearly state the benefits of budgeting to them. Furthermore, you are to explain the three different types of budgeting that the company may adopt and explain which type do you think is more effective.

Problem 2: Company Arwin, have been setting standards on prices which helped them specify how much should be paid for each unit of the input but have failed to set a quantity standard. As an employee, you are required to convince the management that setting a quantity standard is also important for a more efficient measurement of the company's performance.

Reference no: EM132605335

Questions Cloud

What is the nurse role in patient advocacy : Discuss the importance of advocacy as it pertains to patient care. What is the nurse's role in patient advocacy? Describe a situation in which you were involved
What amount must Mrs McTavish pay now : If the funds can earn 3.25% compounded annually, what amount must Mrs. McTavish pay now to sustain the scholarship in perpetuity
Key elements of aeronautical decision making : Key elements of aeronautical decision making (ADM) are situational awareness, risk identification and assessment, information processing and problem solving.
What is included as fixed asset : What is included as fixed asset? How we work it out for the maintenance cost?Maintenance costs are difficult to estimate but data
How do explain the three different types of budgeting : How do explain the three different types of budgeting that the company may adopt and explain which type do you think is more effective.
Calculate the depreciation expense : On October 1, 2017 Welch Auto Rentals purchases a new automobile for $30,000 to add to its fleet of rental cars. Calculate the depreciation expense
Conditions when executing aviation tasks : Mental workload can exceed human capacities at various times or conditions when executing aviation tasks.
Describe the topic of depression in brief : To complete this week, after reading chapter one in Melnyk and Fineout-Overholt (2019) and reviewing the lectures you need to consider the topic of interest.
Information processing and memory : Regarding the simplified (serial) model for information processing, which suggests memory is processed in three distinct stages

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd