Explain margin of safety. Why is it important for managers to know their margin of safety?
Answer to relevant QuestionsGive an example of a company to which margin of safety is particularly important and explain why. Tom Ellis recently bought a plasma television and has since stated that he would not recommend it to others. This indicates that Tom has completed which step of the decision-making process? Briefly describe why budgetary planning is important to managers.Briefly describe the difference between budgetary planning and control.What type of variance is calculated by comparing actual costs to the flexible budget?
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