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Budgeting Comments
(Exercise 6-13 - Revised) Select one of the following quotes from the text to discuss. Clearly state whether you either agree or disagree with the comment and support your opinion with at least one scholarly resource. Include in your response an explanation of the major purposes of budgeting.
1. "One major criticism of budgeting is that it is used as a ‘cost reduction' tool rather than a ‘cost control' tool. The objective of the budget is to control costs at an efficient level of operation."
2. "There are generally three benefits from allowing employees to participate in developing the budget: (1) Employees tend to accept the budget as their own plan of action. (2) Participation tends to increase morale among employees and toward management. (3) Employee cohesiveness is increased, and productivity will also increase if dictated by the group norm."
3. "Even though budgets are quantitative tools, considerable emotion is connected to budgeting. The individual in control often sees the budget as a means of getting things done. People being controlled often have feelings of anxiety because their success and promotion are tied directly to the budget."
A stock is trading for 43, and just paid a dividend of 1.0 which is expected to grow at a fraction 0.18 per year.
The accounts payable turnover rate is expected to increase from 7 to 9 times per year. Before these changes take place, what is the company's cash cash cycle?
What are some of the alternative methods of investment appraisal?
Examine the tombstone announcing the issue of State of Hawaii general obligation bonds (page 5). All of these bonds are being issued in 1983. However, their maturities vary from 3 years to 20 years. All bonds pay interest semi-annually. What is the y..
Describe his working capital practices, including his methods of capital budgeting analysis techniques. Analyze the potential pitfalls in his capital budgeting practices that George should be aware of.
Your firm is considering an overseas expansion. Below is the information that you have been given regarding the project: Initial Equipment Cost: $100m. Life of System: 5 years. Depreciation method: Straight line Depreciation. Expected overseas sales:..
The cost of capital is 12 percent. What is the project’s net present value if the tax rate is 39 percent?
Analyse how banks in Hong Kong can be benefited from the ShanghaiHong Kong Stock Connect programme.
A large university library has decided to make it nearly impossible for all but the most renowned Civil War experts to access their Civil War collection. The librarian in charge of this collection feels that this new policy will adversely influence t..
The cash flow of a firm, also referred to as cash flow from assets, must be equal to the cash flow to:
Economic and financial factors can affect the value of a country's currency in both the short-term and the long-term
You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.16, and the total portfolio is exactly as risky as the market, what must the beta be for the other stock in your portfolio?
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