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You are a manager in a fictitious company of your choice. Your director has asked you to explain to the department staff the different types of budgets and techniques in order to provide an overall understanding.
For this assignment, you must develop a 2 to 3-page narrative that you will deliver to the department staff and director explaining the different kinds of budgets. Please select or make up your company and its purpose. You will also recommend which type of budget should be used and which budgeting technique would best fit the company. Using an income of 1 Million per year, you must answer the following
questions:
What are the various kinds of budgets? Please explain each.
Which type of budget is best for your selected company?
Which type of calendar year will you choose and why?
Remember to use the library or other credible resources to support your argument. Be sure to cite your sources using the correct standard of APA.
Establishing an internal audit function/department is not a legal requirement. Consequently, it is an optional function.
Generally forecasting and planning is considered the preview of the financial accountant or the forecasting and planning department.
Why would a business like UPS or eBay be concerned with looking at contribution margin by market segment? Can you recognize kinds of market segments?
Describe the purpose of a flexible budget. Suppose a manager claims flexible budgets are useful because costs are difficult to predict and flexibility is needed to change budgeted costs as input prices change. Do you agree?
Determine the total cost allocation and departmental overhead rate for the producing departments using the direct method. Show your work.
What is the month break-even point in units sold and in sales dollars and without resorting to computations, what is the total contribution margin at the break-even point?
Primrose Corp has $15 million of sales, $2 million of inventories, $3 million of receivables, and $1 million of payables. Its cost cost of goods sold is 80% of sales, and it finances working capital with bank loans at an 8% rate. What is Primrose'..
Williams Inc. estimated overhead to be $440000 and direct labor hours to be 100,000 for the year. Actual direct labor ended up being 120,000. Actual overhead for the year amounted for $500,000. What is the predetermined overhead rate?
What is a budget contingency and what are 3 reasons to have such a "safety net" in place? Have you been involved in projects where it was necessary to employ contingency funds?
Compare bottom-line financial results of using the fixed budget and flexible budget if volumes (a) increase by 10% or (b) decrease by 10%.
What is the goal of the EOQ model and why does a firm hold "safety stock? and what costs are a firm trying to balance when it decides on how much safety stock to hold?
Gabby's Wedding Cakes creates elaborate wedding cakes. Calculate the break-even point for a month in units. How many cakes must be sold to earn a monthly profit of $10,000?
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