answer only question 1 please

Question 1 (25 Marks) 0 Define budgeting and explain its role in the management cycle. (6 marks) (11) Describe management's role in budget implementation (6 marks) (III) Define standard costs and describe how managers use standard costs in the management cycle. (7 marks) V (lv) Explain how variances are used to evaluate managers performance. (6 marks) Question 2 (25 Marks) Rebeat When only a single measure of performance is used, the measure tends to become an en itself, more important than the economic performance that it attempts to represent. Discu problems which could arise in the context of the aforementioned statement Question 3 (25 Marks) - Rebea. The balanced Scorecard theory is constructed on four important concepts. How can these concepts be applied to the Jamaican public sector? Question 4 (25 Marks) Repeat Maine Limited had sales of $40,000,000 in 2001. In 2005 sales had increased to $50,000 quality improvement program was implemented at the beginning of 2001. Overall confe quality was targeted for improvement. The quality costs for 2001 and 2005 are shown bu Assume any changes in quality costs are attributable to improvements in quality. 2001 2005 Internal failure costs External failure costs Appraisal costs Prevention costs Total quality costs 3,000,000 4,000,000 1.800.000 1.200.000 10,000,000 150,000 100,000 375,000 625.000 1,250,000 Required: (ii) Compute the quality cost-to-sales ratio for cach year. (2 marks) Calculate the relative distribution of costs by category for 2001. What do think of the way costs are distributed? How do you think they will be dis as the company approaches a zero-defects state? (5 marks) The University of the West Indies Question 5 (25 Marks) Define responsibility accounting, and describe the role that responsibility centres play in performance management and evaluation. (4 marks) (ii) Explain how properly linked performance incentives and measures add value for all stakeholders in performance management and evaluation. (7 marks) Explain how managers make short-run decisions during the management cycle. (7 marks) (iv) Define incremental analysis and describe how it applies to short-run decision analysis. (7marks) Question 6 (25 marks) - Rebeat. Individual management techniques are more effective when they are developed and framed within the context of a larger system of hierarchical relationships ani processes. Discuss what the preceding comment entails. END OF QUESTION PAPER