The management of Brockly’s Clothing and Design Store said that female jeans trousers are their main seller. They do not understand the principles of breakeven analysis and are not sure at what point they are able to register a profit. Your manger has asked you to explain how useful breakeven analysis can be in assisting the organisation in determining the best output. Task 5 – this task must be completed in a supervised classroom you are not allowed to liaise with your colleagues. However
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Chapter Four Test Bank Multiple Choice Questions 1. A city’s General Fund general ledger includes accounts called Estimated Revenues‚ Appropriations‚ and Encumbrances. This indicates that the city a. formally integrates its budget into its accounts. b. uses a cash plus encumbrances basis of accounting. c. maintains its accounts on an accrual basis. d. erroneously reports encumbrances as expenditures. 2. Legal authority to expend resources is adopted by a city council in the budgeting process. These
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ISSN 1940-204X Let’s Go Aero Travel Trailers: A Case for Incorporating the New Model of the Organization into the Teaching of Budgeting Sally Wright University of Massachusetts-Boston INTRODUCTION Let’s Go Aero manufactures travel trailers bought primarily by young families and retirees interested in a light‚ low-cost trailer that can easily be pulled by a mid-sized family car. The market for travel trailers has expanded nicely over the past few years due to the number of families seeking
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1. | A master budget is typically prepared for: A. | A period of one year. | B. | Top management only. | C. | Strategic planning purposes only. | D. | Strategic business units only. | E. | Operating activities only. | | | | 2. | A plan of dollar amounts to be spent on long-term projects is called a: A. | Cash budget. | B. | Capital budget. | C. | Rolling budget. | D. | Sales budget. | E. | Rolling financial forecast. | | | | 3. | Budgeting provides
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Control System. a. Planning System i. Strengths : • The market condition and capital expenditures predictions required in formulating the sales budget. • Forecasting is conducted at the corporate level and then sent to the division manager for fine-tuning. • Company controllers visit the factory each half a day before the final submission of the budget. ii. Weaknesses : • The initial sales forecast uses assumptions which are entirely derived from corporate headquarters. • The
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CASE 8–29 Master Budget with Supporting Schedules Cravat Sales Company‚ a nationwide distributor of a designer’s silk ties with an exclusive franchise on the distribution of the ties‚ and sales have grown rapidly over the last few years. Your have been given responsibility for all planning and budgeting. Your assignment is to prepare a master budget for the next 3 months‚ starting April 1st. You are anxious to make a favorable impression on the president and have assembled the information below
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most economic impact from the production and delivery of goods and services while supporting a healthy fiscal position. GOVERNMENT BUDGET In general‚ a government budget is the financial plan of a government for a given period‚ usually for a fiscal year‚ which shows what its resources are‚ and how they will be generated and used over the fiscal period. The budget is the government’s key instrument for promoting its socio-economic objectives. Budgeting approaches or modes and techniques used
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public finance we will need to understand what it is. Public Finance is the study of Government activities and how the Government finances those activities (Gaffney‚ 2008). Public finance controls all revenues and expenditures moved through state budgets‚ developed from various sources and however spent. Public finance assist with the development of communities to function correctly and strives to meet the citizen’s needs. For this function the strategy of financial planning is applied. Its philosophy
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Master Budget The master budget is a comprehensive summary of a business’ long and short-term goals. “It is a set of interrelated budgets that constitutes a plan of action for a specified time period” (Weygandt‚ Kimmel‚ & Kieso‚ 2008‚ p.4). It brings together long-range plans and short-term budgets. It provides calculated targets for sub-activities such as target sales‚ distribution‚ production‚ and finance. In addition it helps calculate any other item of financial interest to the business owner
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on annual development program (ADP) A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues‚ resource quantities‚ costs and expenses‚ assets‚ liabilities and cash flows. It expresses strategic plans of business units‚ organizations‚ activities or events in measurable terms. Definition of Budget An estimation of the revenue and expenses over a specified future period of time. A budget can be made for a person‚ family‚ group
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