User Account

All Pages

Explain the importance of forecasting and budgeting

Assignment Help Managerial Accounting
Reference no: EM132984964

Question -

a. Explain the importance of forecasting and budgeting in facilitating business performance. Ensure you distinguish between forecasting and budgeting in your answer.

b. If forecasts are not accurate, what can the possible implications be on cost management and resource allocations of the business? Use two hospitality examples in your discussion.

c. Identify 3 things that can be done to increase the accuracy of forecasts.

Reference no: EM132984964

Questions Cloud

Roles associated with the management of human resources : List the three roles associated with the management of human resources in organizations and explain your understanding of all three different roles.
Compute the breakeven point in quantity and in amount : Assuming the unit sale price as 2.50 $ ,fixed administration expense as 8.600 $. Compute the breakeven point in quantity and in amount
Calculate the profit earned : Manufacturing overhead is applied at $30 per direct manufacturing labor hour. Calculate the profit earned on 45 units if each unit sells for $10,000
Identify hr strategies which can lead to business : Identify at least five HR strategies which can lead to the business/corporate strategy
Explain the importance of forecasting and budgeting : Explain the importance of forecasting and budgeting in facilitating business performance. Ensure you distinguish between forecasting and budgeting in answer
Max notices that group meetings always start about 10 minute : Max notices that group meetings always start about 10 minutes late, and group members often don't even arrive until 5 minutes after the meeting is scheduled to
How to write a career development plan : How to write a career development plan assignment using personality tests in HRMT?
Life of the human resources leadership : I need a general problem statement about the impact of COVID-19 on the life of the human resources leadership.
How does health insurance impact healthcare delivery : How does health insurance impact healthcare delivery?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd