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The budgeting process may be approached differently in various firms. Top-down budgeting has its inception with directives from senior management who prepare the budget for staff and assess performance based on objectives established at higher levels. Any additional compensation received occurs as a result of achieving budgetary targets imposed by others. In contrast, bottom-up budgeting reflects the predictions of cost, revenue, profit, and investment center managers-proposed and approved by senior managers. Incentives are negotiated by managers proposing the budget rather than imposed by higher level executives. In a well-written paper demonstrating APA standards, answer the following questions: 1. Define a flexible budget and describe its use. Under which budgeting approach would flexible budgets more likely be used, and why? 2. What might be the most important consideration in investigating budget variances? 3. What are the potential benefits of monitoring direct cost variances? 4. What are the potential benefits of monitoring overhead variances? 5. Should managers be commended for achieving favorable overhead spending, efficiency, and production volume variances? Rationalize your response. In addition, include two or three outside references to support your research and conclusions. Your paper should meet the following requirements: Include two or three outside references to support your research and conclusions
assume a nike outlet store began in august 20x0 with 40 pairsof running shoes that cost the store 40 each. the sale
price manufacturing assigns overhead based on machine hours. the milling department logs 1800 machine hours and cutting
ROCE measures return on assets after the fact. ARR measures potential returns. Why might a finance department be quizzing the proposal manager (PM) about the ARR? And more importantly, why is it important that the PM give a reasonable ARR?
During December 2012, costs of $89,000 were incurred to improve leased office space. The related lease will terminate on December 31, 2014, and is not expected to be renewed. (Hint: Leasehold improvements should be handled in the same manner as la..
north slope realty co. pays weekly salaries of $7900 on Friday for a five day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends on (a) Wednesday, (b) on Thursday
Discuss whether Lydia Delay behaved in a professional manner by subtracting the discount, even through the discount period had expired. -What would you do? -How should Midwest handle this payment and the irregular use of the discount?
Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls. a. Provide Mark with the objectives of a system of internal control.
Reported net income of $670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2011?
Principe Technology Solutions, Inc., completed the following transactions during August 2012, its first month of operations.
jodi horton president of the retailer crestline products has just approached the companys bank with a request for a
Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Material Purchases Budget for November and December.
what is fund accounting? how does it compare to proprietary accounting? why is fund accounting necessary? what are the
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