Why are budgets usually prepared for one year?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
One year is the typical budget horizon because it corresponds to the period over which performance ...View the full answer
Answered By
Omar ELmoursi
I'm Omar, I have Bachelor degree in Business and Finance, My unique approach is to help students with questions and assignments, I can teach Business, Math, Accounting, Managerial Accounting, Economy, Human resources management, organizational behavior, project management, I have experience dealing with different types of students and teach them how to deal with different types of exercises.
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Question Posted:
Students also viewed these Cost Accounting questions
-
Budgets are usually set through one of three methods: participation, authority, or consultation. Required Write an essay stating the circumstances under which each method is most appropriate. If you...
-
Why are flexible budgets superior to static budgets for performance reporting?
-
Why are flexible budgets superior to static budgets for performance reporting?
-
What amounts should be recorded as a cost of a long-term asset?
-
Christobal thinks that correcting entries are unnecessary. He suggests that, if an incorrect journal entry is found, it should be erased or removed and then the correct entry can be recorded in its...
-
Explain the purpose of a spawning operation. What is the result when the spawning operation is complete?
-
You are required to lead a small audit team carrying out a full audit of a medium sized construction company that specializes in housebuilding projects. The audit will last for 6 weeks and you have...
-
Suzuki Company lost all of its inventory in a fire on December 26, 2014. The accounting records showed the following gross profit data for November and December. Instructions (a) Compute the gross...
-
Luke Corporation produces a variety of products, each within its own division. Last year, the managers at Luke developed and began marketing a new chewing gum, Bubbs, to sell in vending machines. The...
-
Worksheet data for Auburn Company are presented in E4.2. The owner did not make any additional investments in the business in April. Instructions Prepare an income statement, an owners equity...
-
Describe the advantages of the authoritative approach and the participative approach to budgeting.
-
Why does the accuracy of the entire master budget depend on a reliable sales forecast?
-
The summarised Balance Sheet of XYZ Ltd. as on 31st December, 2014 and 31st December, 2015 are given below: Additional information: (i) Investments costing 8,000 were sold during the year 2015 for ...
-
In what ways is variance analysis helpful to management?
-
Write a note on the advantages and limitations of budgeting.
-
In what respects does the production budget contribute to managerial (I) planning, (ii) coordination, and (iii) control.
-
What is responsibility accounting? Discuss its significance in divisional performance measurement.
-
Variances are not an end in themselves. In the light of the above statement, explain briefly what you understand by variances control and responsibility?
-
An activated sludge aeration basin is 75 ft long, 25 ft wide, and 13 ft deep. The flow rate to it is 0. 68 MGD at a CBOD concentration of 194 mg/L. If the MLVSS concentration is 2,114 mg/L, what is...
-
Find the market equilibrium point for the following demand and supply functions. Demand: 2p = - q + 56 Supply: 3p - q = 34
-
The law of copyrights originates in the United States Constitution. True or False
-
A team approach to learning financial statement analysis is often useful. Required 1. Each team should write a description of horizontal and vertical analysis that all team members agree with and...
-
A team approach to learning financial statement analysis is often useful. Required 1. Each team should write a description of horizontal and vertical analysis that all team members agree with and...
-
Assume that David and Tom Gardner of The Motley Fool (Fool.com) have impressed you since you first heard of their rather improbable rise to prominence in financial circles. You learn of a staff...
-
The following account balances are taken from the ledger of Maxwell Limited on 31 December 2018, the end of its fiscal year: Maxwell Limited Trial Balance As on 31 December 2018 S'm S'm Investment...
-
A researcher wishes to assess whether vitamin C is effective in the treatment of colds. To evaluate this hypothesis, the researcher decides to conduct a 2-year experimental study. The researcher...
-
Cullumber Co. acquired 25% of the 520,000 shares of outstanding common stock of Oriole Inc. on December 31, 2025. The purchase price was $3,913,000. Oriole declared and paid $1.20 per share cash...
Study smarter with the SolutionInn App