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Write a 2,500 word essay on the following topic:
"The budget has historically played center stage in most organizations' systems of management control (Otley, 1994).
However, recently it has been the subject of considerable criticism (Hansen et al., 2003).
Budgeting has been deemed ‘broken' (Jensen, 2001), ‘a thing of the past' (Gurton, 1999), or an ‘unnecessary evil' (Wallander, 1999)"
Required:
Critically assess the arguments and the evidence for the claim that organizations no longer need budgets.
Explain why Green made this comment. What is wrong with her analysis - Sascha Green reanalyzes the data, this time comparing quarterly machinehours with quarterly maintenance expenditures.
Two comments frequently are mentioned in relation to standard costing and variance analysis: "Variances are not explanations" and "Management's goal is not to minimize variances."
Describe cost-volume-profit analysis, including the explanation of the calculation and components. In what three ways can the contribution margin be useful in cost-volume-profit analysis?
Define the various management accounting terms used in the process of strategic analysis and calculate the total simulated hours, total waiting time for the customer service team member, and the total wait time for the customer?
Donut Ville caters to its retirement populations by selling over 10,000 each week. To produce that many donuts weekly, Donut Ville uses 1,000 pounds of flour, which must be delivered by 5:00 am by every Friday morning. How should the manager of Do..
The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:
Prepare an analysis of the financial impact of the exhibition on the Ruthmueller Museum, assuming attendance is 10,000. Does offering the exhibition appear to be a good decision from a financial standpoint?
Define the elements that might be presented in a balanced scorecard and explain how it is used - Make a recommendation of whether or not EEC should adopt the balanced scorecard
City of Joseph Commercial Bank hired consultants to compute the costs of three products: checking accounts, personal loans, and the Gold visa card. The consultant identified the following activities, costs and activity drivers (annual data):
What is the month break-even point in units sold and in sales dollars and without resorting to computations, what is the total contribution margin at the break-even point?
Use the following format to classify each cost as a product cost or a general, selling, and administrative (G,S,A) cost. Also indicate whether the cost would be recorded as an asset or an expense. The first is shown as an example.
What is the expected value of perfect information about the success or failure of the product and what is the posterior probability of success given a favourable survey result?
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