Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Budgets and Managerial Responsibility

This module explores budgets and the benefits of creating budgets. In recent years, many organizations faced one of the hardest economic conditions with the recession. Many organizations were not prepared for this and did not have the budgets in place to withstand such devastating times. Budgets are a key financial tool for all organizations. What was once a task that was done on paper and around a large table can now be automated with computer-based financial planning technology. Managers have the technology and the ability to create real-time budgets that "make sense" for the organization and can be revised when needed.

Managers have the responsibility to create a budget in order to communicate the direction and goals for the different organizations and explore how each department is a key element of the overall organizations. Budgets also aid in judging performance by measuring financial results against planned objectives. Finally, budgets can be used a motivating factor for departments to meet the stated budget.

Module Outcomes: A, B, C, & D

Required Readings/Resources: Read Chapters 11 & 12 in Datar and Raj an Power points 11 & 12

Videos

- Flexible Budgeting

This video explains the concept of Flexible Budgeting in Managerial Accounting. A comprehensive example is provided to demonstrate how a flexible budget is created, and intuition is provided as to why a flexible budget is needed when the actual activity level differs from the budgeted activity level.

- The Importance and Use of Budgets Within an Organization

An overview of the importance and use of budgets within an organization

Discussion

"Strategy, plans, and budgets are unrelated to one another." Do you agree? Explain.

Explain how the manager's choice of the type of responsibility center (cost, revenue, profit, or investment) affects the behavior of other employees.

Refer to the MBA Discussions power point presentation for tips on how to gain maximum learning and points from your discussion engagement

Attachment:- Budgets and Managerial Responsibility.rar

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93117819
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question? 


Related Questions in Financial Accounting

Need slides need a one page executive summarybelow is the

Need slides. Need a one page executive summary. Below is the scenario: "Hi again. I've got news about our client. "ExxonMobil is looking to increase revenue by 10 percent and possibly reduce costs. Need an executive summ ...

Part adbm financial solutionsyou are a financial consultant

Part A DBM Financial Solutions You are a financial consultant working with DBM Financial Solutions and have a portfolio of clients you work with in achieving financial management solutions. Client 1- Manhattan Limited Yo ...

Budgets and managerial responsibilitythis module explores

Budgets and Managerial Responsibility This module explores budgets and the benefits of creating budgets. In recent years, many organizations faced one of the hardest economic conditions with the recession. Many organizat ...

On december 1 of the current year the following accounts

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $50 par (240,000 shares authorized, 86,000 shares issued)$4,300,00 ...

Lease classification considering firm guidance issues

Lease Classification, Considering Firm Guidance (Issues Memo) Facts: Tech Startup Inc. ("Lessee") is entering into a contract with Developer Inc. ("Landlord") to rent Landlord's newly constructed office building located ...

Assessment 1develop complex spreadsheetsthis is an

Assessment 1 Develop Complex Spreadsheets This is an assessment that may be worked on in study time and as homework. Assessment presentation should be completed in a manner that is appropriate to professional business re ...

Exercise 1 copying formatting and calculating sums and

EXERCISE 1: COPYING, FORMATTING, AND CALCULATING SUMS AND AVERAGES Let's assume that Groth Donut Company has three stores, only one of which is shown at the top of the sheet titled "p = r-­-e". The revenue and expenses f ...

A review of the ledger of oriole company at december 31

A review of the ledger of Oriole Company at December 31, 2017, produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $19,404. The company has separate insurance policies on i ...

Establish and maintain accounting info systems and provide

Establish and maintain accounting info systems and Provide management accounting information Assignment - Assignment 1 - Case Studies Case Study 1 - Review the case study information below and complete the steps mentione ...

Asset retirement obligation changes in estimate versus

Asset Retirement Obligation, Changes in Estimate versus Errors, Writing an Issues Memo Facts: Mega¬Corp's corporate headquarters, built in 1970, has asbestos in its insulation. The Company's financial statements reflect ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As