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Implementation of the Decisions
Once alternative courses of action have been chosen, they must be implemented as part of the budgeting procedure. The budget is a financial plan for implementing the different decisions that management has made. The budgets for all the different decisions are stated in terms of cash inflows and outflows, and sales expenses and revenues. The budgets are merged altogether into a single uniting statement of the organization’s expectations for future periods. The statement is termed as a master budget. The master budget comprises budgeted profit and loss account, cash flow statement & balance sheet. The budgeting procedure communicates to everyone in the organization the part they are predictable to play in implementing the management's decisions.
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identify and explain the many classification of costs for planning, control,performance evaluation and decision making.
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how company apply marginal costing techniques show with an example
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Parameter prediction error: This is another aspect of faulty planning. As Hongren says, ‘planning decisions are based on predictions of future costs, future selling price, fut
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