Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Point 1: A firm of solicitors started to adopt budgeting systems since 2019. The board of senior partners (the Board) estimated the demand for the coming year for each of the firm's four divisions: Civil, Criminal, Corporate, and Property. A separate partner is responsible for each division.
Point 2: Each divisional partner then prepared a cost budget based on the Board's demand estimate for the division. These budgets were then submitted to the Board for approval. The chairman of the Board amended them as he thought appropriate without discussion with the divisional partners. After the chairman's amendments it will become the final budget for performance evaluation of the four divisions.
Point 3: Actual performance is then measured against the final budgets regularly and each divisional partners' performance is appraised by asking the divisional partner to explain the reasons for any variances that occur.
Point 4: The Corporate partner has been asked to explain why her staff costs exceeded the budgeted costs for last quarter while the chargeable time was less than budgeted. Her reply is below: "My own original estimate of staff costs was higher than the final budgeted costs shown on my divisional performance report. In my own cost budget I allowed for time to be spent on developing new services by making use the information system and improving the client's access to their own case files. This would improve the quality of our services and therefore increase client satisfaction and chance of success in the court. The trouble with our present system is that it focuses on financial performance and ignores the other performance indicators found in modern performance management systems."
Question 1: Based on the characteristics of the solicitors firm, discuss the application of budgetary control and management control for performance evaluation of divisions.
according to martin and steele 2010 p.13 the two principal professional associations in australia - cpa australia the
Determine why is it necessary to use comparative balance sheets a current income statement, and certain transaction data in preparing a statement of cash flows?
James LaGrande had recently been appointed controller of the breakfast cereals. Prepare a capital-budgeting analysis to determine whether to launch the product.
Explain how the inventory loss would be reported when the periodic inventory system is used.
Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases. Prepare a cash budget for January and February in columnar form.
What amount of Maintenance total cost is allocated to the Packaging Department? (round to closest whole dollar) Employees are:
How many of each type of unit should be produced and sold to maximize the company's contribution margin? What is the total contribution margin for selection?
How much value will this new equipment create for the firm and at what discount rate will this project break even, should the firm purchase the new equipment?
What is the fair value of the equipment and prepare the journal entry to record the exchange.
Antuan Company set the following standard costs for one unit of its product.
What was the amount of direct labor costs charged to production during the year? determine the underapplied or overapplied overhead for the year?
1.What is a transfer price? Under what conditions is a market based transfer price most likely to be used?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd