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Financial planning programs
Such programs differ in complexity. Some simple programs can include only those variables discussed while other more complicated ones can include an organization’s complete budget.
Many firms use interactive programs of basic CVP equation on their microcomputers to analyze data they have collected and entered. These interactive capabilities allow managers to enter and change their inputs easily and also make the analysis of the financial effects of various alternatives simpler.
The computers’ speed and accuracy in providing information from entered data improve the speed and accuracy with which the manager can select the most profitable actions.
Sensitivity study is one approach for coping with modifications in the values of the variables. It focuses on how a result will be changed if the original estimates or the underlying assumptions change.
The widespread use of spreadsheet packages which do not require programming expertise has enabled management accountants to develop CVP computerized models. The impact of alternative revised plans is quickly identified and changes only implemented when it is apparent that the original estimates are incorrect.
Inappropriate standards (or targets): This is a problem arising from deficiencies in planning. If not enough time and resources are devoted to setting accurate standards in th
Control Control includes a comparison of actual performance with the plan so that deviation from the plan can be identified and corrective action taken. It can be define
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VALUE ADDED STATEMENTS Are intended to show how much wealth or value has been created by the company’s operations and how the wealth has been shared out to interested groups e.
Parameter prediction error: This is another aspect of faulty planning. As Hongren says, ‘planning decisions are based on predictions of future costs, future selling price, fut
Explain the Methods of pricing The following methods are used for intra company transfer pricing: 1) Total cost method: transfer is made at absorption cost which is the t
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