Question

In: Accounting

I NEED 2 PARAGRAPHS FOR THIS TYPING SO I CAN COPY IT How are budgets used...

I NEED 2 PARAGRAPHS FOR THIS TYPING SO I CAN COPY IT

How are budgets used for performance evaluation? Give details to support your answer.

Solutions

Expert Solution

Budgets are prepared by the management to set target for an organization and to evaluate the performance of such organization on the basis of pre-determined yardsticks of budget. For example production budgets are made to provide the employees and workers of production department with expected targets that are to be achieved within a particular period. After the end of such period the same budget is used to evaluate the performance of the workers and employees of the production department. The actual production and performance of production departments are compared with the production budgets to calculate the variations between the two. Similarly sales budgets, overhead budgets and other such budgets are used to evaluate the performance of different departments of an organization. It is important to mention here that the budgets must be prepared taking into consideration the actual factors and should be realistic in order to be used for evaluation of performances in the future.


Related Solutions

I NEED 2 PARAGRAPHS REPLY TO THIS TYPING SO I CAN COPY IT   How are budgets...
I NEED 2 PARAGRAPHS REPLY TO THIS TYPING SO I CAN COPY IT   How are budgets used for performance evaluation? Financial budgets are normally prepared by the finance or accounting department of a company. In small businesses, the owner is required to prepare this budget. A performance budget allows businesses to plan for future expenditures. A budget, therefore, determines the amount of capital required to generate a certain level of sales. Businesses also adjust future expenses based on the past...
I NEED 2 PARAGRAPHS RESPOND TO THIS TYPING SO I CAN COPY IT Managers create budgets...
I NEED 2 PARAGRAPHS RESPOND TO THIS TYPING SO I CAN COPY IT Managers create budgets from anticipated financial conditions and market expectations for future periods. They calculate revenues and expenses for the specific period being budgeted. Once that period has come, managers compare the actual expenses to the budget numbers and evaluate the department’s performance (Adams, 2017). This is usually done through a variance analysis, which uses the difference between actual performance and budgeted performance to evaluate the performance...
I NEED 2 PARAGRAPHS RESPOND TO THIS TYPING SO I CAN COPY IT How does a...
I NEED 2 PARAGRAPHS RESPOND TO THIS TYPING SO I CAN COPY IT How does a manager determine which variances to investigate? Give details to support your discussion.
I NEED 2 PARAGRAPHS FOR THIS> TYPING SO I CAN COPY IT Why is an investment...
I NEED 2 PARAGRAPHS FOR THIS> TYPING SO I CAN COPY IT Why is an investment more attractive to management if it has a shorter payback period? Identify two disadvantages of using the payback period for comparing investments.
How is the court affected by the coronavirus? (I need at least 2 paragraphs that make...
How is the court affected by the coronavirus? (I need at least 2 paragraphs that make sense to respond to this) If sources were used please provide me the link!! THANK YOU
Please typing if you can i will appreciate had my answers but i need to compare...
Please typing if you can i will appreciate had my answers but i need to compare my solution . o changes you have had to personally make due to the Any Personality things o how you feel about those changes; how you are coping o economic impacts for you, friends, and/or family o educational impacts for you, friends or family Typing please it is help me for grammar
Please typing if you can i will appreciate had my answers but i need to compare...
Please typing if you can i will appreciate had my answers but i need to compare my solution . o changes you have had to personally make due to the Any Personality things o how you feel about those changes; how you are coping o economic impacts for you, friends, and/or family o educational impacts for you, friends or family Typing please it is help me for grammar
Please typing if you can i will appreciate had my answers but i need to compare...
Please typing if you can i will appreciate had my answers but i need to compare my solution . o changes you have had to personally make due to the Any activity or sport  things o how you feel about those changes; how you are coping o economic impacts for you, friends, and/or family o educational impacts for you, friends or family Typing please it is help me for grammar
Please typing if you can i will appreciate had my answers but i need to compare...
Please typing if you can i will appreciate had my answers but i need to compare my solution . o changes you have had to personally make due to the Any Personality things o how you feel about those changes; how you are coping o economic impacts for you, friends, and/or family o educational impacts for you, friends or family Typing please it is help me for grammar
Please typing if you can i will appreciate had my answers but i need to compare...
Please typing if you can i will appreciate had my answers but i need to compare my solution . o changes you have had to personally make due to the fast food o how you feel about those changes; how you are coping o economic impacts for you, friends, and/or family o educational impacts for you, friends or family Typing please it is help me for grammar
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT