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Participative BudgetsIn this approach to budgeting, budgets are developed by lower level managers who then submit them to their superiors. The budgets depend on the lower level manager perception of what is achievable and the associated necessary resources. The degree to which lower level managers are allowed to participate in the budgeting process depends on:
(a) Senior manager’s awareness of participatory budgeting advantages.(b) Their agreement with those advantages.Participatory budgets are effective in the following areas:
Steps in Strategic Cost Analysis 1) Recognize the suitable value chain and allocate costs and assets to it. 2) Identify the cost drivers of each value activity and how they int
costs/per unit labor ... $ 4 materials ...5 fixed cost... $ 12 determine the break even point in units if the seeling price is $ 19 determine the break even point in sales at
Learning and Spillovers The cost of a value activity can decline over time due to learning that increases its efficiency. The methods by which learning can lower cost over tim
Describe the Selling costs and Development costs Selling costs: These are costs of seeking to create and stimulate demand (sometimes termed as marketing) and securing orde
Explain Operating budgets These budgets relate to the dissimilar activities or operation of a firm the number of such budgets depends upon the size and nature of business. The
Advantages of participatory budgets Information from employees most recognizable with each unit’s needs and constraints is included. Knowledge spread amongst numerous lev
accounting process or accounting cycle
Recommend whether marginal or absorption costing should be use for internal monthly reporting
Identify the management assertions related to each of the fictitious supplier credits and unrecorded amounts in accounts payable using the facts presented
Planning Planning is the fundamental function of the management by means of which the managers decide: What goals are to be accomplished How they will be accomplished.
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