Motivation, budgets and responsibility accounting
8 important questions on Motivation, budgets and responsibility accounting
Disadvantages to a budget based on past performance
performance.
2. The future may be expected to be very different from the past.
Steps in preparing an operating budget
2. Production budget (in units)
3. Direct materials usage and purchases budget
4. Direct manufacturing labour budget
5. Manufacturing overhead budget
6. Closing stock budget
7. Cost of goods sold budget
8. Other (non-production) costs budget
9. Budgeted operating profit statement
Padding or Budgetary Slack
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Financial Planning models
4 Key steps in Activity-based budgeting
2. Determine demand for each individual activity, based on budgeted production, new product
development, etc.
3. Calculate costs of performing each activity.
4. Describe budget as costs of performing various activities
Benefits of Activity-based budgeting
2. Better identification of resource needs
3. Linking of costs to outputs
4. Clearer linking of costs with staff responsibilities
5. Identification of budgetary slack
Variance analysis and its benefits
Benefits:
1. Early warning
2. Performance evaluation
3. Evaluating effectiveness of the strategy
4. Communication of the organizational goals
Self-liquidating cycle (Working Capital Cycle / Cash Cycle / Operating Cycle)
In some industries, cash receipts from customers typically lag behind sales. To fund this a self-liquidating cash loan is used. The loan is self-liquidating in the sense that the borrowed money is used to acquire resources that are combined for sale. And the proceeds from sales are used to repay the loan.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
