Discuss this comment by a small- town bank president: Budgeting is a waste of time. Ive been

Question:

Discuss this comment by a small- town bank president: “Budgeting is a waste of time. I’ve been running this business for 40 years. I don’t need to plan.”

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Managerial Accounting Creating Value in a Dynamic Business Environment

ISBN: 978-0078025662

10th edition

Authors: Ronald Hilton, David Platt

See More Books

Question Posted: Apr 22, 2014 02:54 AM

See More Questions

Double-entry book-keeping is a waste of time and money because everything has to be recorded twice. Discuss.
As a new accountant, reply to this comment by a plant manager: 'As I see it, our accountants may be needed to keep records for shareholders and for the tax authorities - but I don't want them...
Don was a senior vice president of a bank until its officials found he had embezzled more than $1,000,000. Don had set up fictitious checking accounts and deposited the funds into the accounts. He...
H. Brown (Portsmouth) Ltd produces a range of central heating systems for sale to builders merchants. As a result of increasing demand for the businesss products, the directors have decided to expand...
Consider again plants with the null hypothesis that mean height is 39.0. Assume that the standard deviation is known to be 3.2 cm. 1. Show that a measured sample mean of 40.0 is highly significant if...
Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2022. Bart incurred some significant medical...
Throughout the US presidential election of 2016, polls gave regular updates on the sample proportion supporting each candidate and the margin of error for the estimates. This attempt to predict the...
A particular stock sells for $30. The stocks beta is 1.25, the risk-free rate is 4%, and the expected return on the market portfolio is 10%. If you forecast that the stock will be worth $33 next year...
Image transcription text Problem 2 Consider the following cantilever beam in Figure P2a, which is supported by a fixed support at point O. The beam is loaded with a diagonal force F = 950 N at point...
KC Services provides landscaping services in Edison. Kate Chen, the owner, is concerned about the recent losses the company has incurred and is considering dropping its lawn services, which she feels...
Define the term budgetary slack, and briefly describe a problem it can cause.
List the steps you would go through in developing a budget to meet your college expenses.
The short article Developing Science-Based Food and Nutrition Information (Journal of the American Dietetic Association [2001]: 11441145) includes some guidelines for evaluating a research paper....
When would good will on consolidation be considered impaired? Explain.
Examining the chart below, what could be a possible explanation for the TOTAL variance? Category Budget Amount Actual Amount $ Variance Wages $200,000 $220,000 $20,000 Travel $10,000 $0.00 ($10,000)...
Where should both the gross amount of receivables and the allowance for expected credit losses be reported?
What strategies are employed to manage the complexities of patching interconnected systems within cloud computing environments, encompassing considerations such as multi-tenancy, shared...
According to the judge, how is a partnership like a marriage?
How can we use a confidence interval to conduct hypothesis tests?
Consider the following cash flows in Table P5.5. (a) Calculate the payback period for each project. (b) Determine whether it is meaningful to calculate a payback period for project D. (c) Assuming...
Visit the websites of major accounting firms. Search for what they are doing with AI/machine learning. How do you think this will affect the accounting profession over the next 10 years?
Smith and Jones is a law firm that serves both individuals and corporations. A controversy has developed between the partners of the two service lines as to who is contributing the greater amount to...
Smith and Jones is a law firm that serves both individuals and corporations. A controversy has developed between the partners of the two service lines as to who is contributing the greater amount to...
Smith and Jones is a law firm that serves both individuals and corporations. A controversy has developed between the partners of the two service lines as to who is contributing the greater amount to...
Give an example of one piece of financial information that may be used differently for two stakeholders (users) and explain how it would be used and presented differently?
Complete common -size statements (balance sheets) using the data below on page 246. You will be required to create a spreadsheet in MS Excel to display the statements (balance sheets).? In a 1 to 2...
A sail boat in the Great South Bay travels 2 miles east and then 4 miles south to get to Fire Island. What is its distance and displacement?

Discuss this comment by a small- town bank president: Budgeting is a waste of time. Ive been

Question:

Step by Step Answer:

This comment is occasionally heard from people who have started and run their own small ...View the full answer

Managerial Accounting Creating Value in a Dynamic Business Environment

Students also viewed these Managerial Accounting questions