Explain the difference between a forecast and a budget. Give examples to illustrate the differences between: (a).

Question:

Explain the difference between a forecast and a budget. Give examples to illustrate the differences between:

(a). Fixed budget,

(b). Flexible budget,

(c). Functional budget.

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

Step by Step Answer:

Related Book For book-img-for-question

Cost Accounting

ISBN: 9780070221628

4th Edition

Authors: Jawahar Lal, Seema Srivastava

Question Posted: Sep 08, 2023 05:49 AM

See More Questions

List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
1. Using Anthonys Orchard case study, explain the difference between profit center and a cost center. Give an example of each type of center and categorize Anthonys Orchard cost centers into the...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
A paper recycling company converts newspaper, mixed paper, white office paper, and cardboard into pulp for newsprint, packaging paper, and print stock quality paper. The following table summarizes...
Acme Manufacturing Company has approached Hercules Health club with a plan to provide discounted memberships to its employees. In particular, Acme will start a match program (i.e., Acme will pay a...
Identify and describe the first generation of ERP systems used in the 1970s, and the second generation of ERP systems used in the 1980s.
Using the notation of Exercise 4, assume that $\sum_{i=1}^{n} 1 / r_{i}=1$, but try to find a solution where one of the $\alpha_{k}$ 's is zero. In particular, suppose the segments are ordered in...
(Debtor/Creditor Entries for Continuation of Troubled Debt with New Effective Interest) Crocker Corp. owes D. Yeager Corp. a 10-year, 10% note in the amount of $330,000 plus $33,000 of accrued...
You estimate you will need a nest egg $2070000 for retirement. You should deposit $ 1356.47 each month for the next 40 years into an account with an APR of 5% compounded monthly to reach your goal....
A drunk starts out from a lamppost in the middle of a street, taking steps of equal length either to the right or to the left with equal probability. What is the probability that the man will again...
What are functional budgets. Which functional budgets are most commonly used by management?
Discuss the cardinal features and objectives of budgetary control.
Suppose that you are the owner of pizzeria that is located near to a university or college. How could you use the concepts of Order Winners, Order Qualifiers, and Order Losers to help develop and...
what is organizational change? 2) what are the environmental factors of change? 3)explain about each role of organizational change: change initiators, change implementers, change facilitators, change...
You are an audit team leader overseeing the activity of a trainee auditor. Your team has just completed a surveillance audit and is assembling the final report. The trainee has not contributed to a...
Kathy's Craft Supplies uses an accounts payable ledger. What would Kathy look for to verify that a transaction has been posted to the accounts payable ledger?
You have been hired by Kathy's Craft Supplies as a bookkeeper. You are reviewing the general journal transactions from the previous period. You immediately recognize that Kathy uses an accounts...
What is a Purchase Order? B. Why Use them? C. Is there a journal entry created when a purchase order is created? D. Settings for PO - 1. How do you activate the use of a PO? Describe how to create a...
Refer to Cliffs Fresh Stacks Pancake Restaurant in E6-53B. Requirements 1. Use the high-low method to determine Cliffs operating cost equation. 2. Use your answer from Requirement 1 to predict total...
3M Company reports the following financial statement amounts in its 10-K report: a. Compute the receivables, inventory, and PPE turnover ratios for both 2018 and 2017. (Receivables turnover and...
High-low method, alternative regression functions, accrual accounting adjustments, ethics. Trevor Kennedy, the cost analyst at a can manufacturing plant of United Packaging, is examining the...
Relevant-cost approach to pricing decisions, special order. The following financial data apply to the videotape production plant of the Dill Company for October 2009: Variable manufacturing overhead...
Relevant-cost approach to short-run pricing decisions. The San Carles Company is an electronics business with eight product lines. Income data for one of the products (XT-107) for June 2009 are:...
= Suppose that we happen to know that the mean commute time of all WCU commuters is 40.1 minutes with a standard deviation of 5 minutes: 40.1 minutes; = 5 minutes. Suppose we took a random sample of...
The time value of money is the economic principle that a dollar received today has a greater value than a dollar received in the future. In a professional setting, understanding the time value of...
The Coffee Corp. has an opportunity to invest P1,500,000 in investment A or investment B. Investment A promises to pay P500,000 profit at the end of the first year, P550,000 at the end of two years,...

Explain the difference between a forecast and a budget. Give examples to illustrate the differences between: (a).

Question:

Step by Step Answer:

A forecast and a budget are both financial planning tools used by organizations but they serve different purposes and have distinct characteristics He...View the full answer

Cost Accounting

Students also viewed these Business questions