Give reasons why you need a budget. Have you ever been involved in the budget process at your...

Question

Give reasons why you need a budget. Have you ever been involved in the budget process at your organization/or at home? If so, describe your role and responsibilities. What aspects of the budget process might you change where you work or at home, if you had the opportunity?
	
Document Preview: MANAGERIAL ACCOUNTINGACCT 322ASSIGNMENT 3Last Date for Submission 2 December 2017(Each question carries 2.5 Marks, Total Marks 10)You are required to work in this assignment individually. It is an individual task, not a group task.Any suspicious activities or cheating will result zero grade in this assignment.Do not put images, you must type answers in the document.Students who submit assignments after deadline, will get zero.Q1. Give reasons why you need a budget. Have you ever been involved in the budget process at your organization/or at home? If so, describe your role and responsibilities. What aspects of the budget process might you change where you work or at home, if you had the opportunity?Answer:Q2. Aldene Company, which has only one product, has provided the following data concerning its most recent month of operations:  The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month.Required:a. Prepare a contribution format income statement for the month using variable costing.b. Prepare an income statement for the month using absorption costing.  Answer:Q3. AlAli Corp is preparing its cash budget for April. The budgeted beginning cash balance is $19,000. Budgeted cash receipts total $105,000 and budgeted cash disbursements total $98,000. The desired ending cash balance is $50,000. The company can borrow up to $120,000 at any time from a local bank, with interest not due until the following month.Required:Prepare the company's cash budget for April in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance. Answer:Q4. The standards for product J42 call for 3.6 feet of a raw material that costs $14.00 per feet. Last month, 5,500 feet of the raw material were purchased for $76,175. The actual...

Robert · Accepted Answer

1 

MANAGERIAL ACCOUNTING 
ACCT 322 
ASSIGNMENT 3 
Last Date for Submission 2 December 2017 
(Each question carries 2.5 Marks, Total Marks 10) 
 You are required to work in this assignment individually. It is an individual task, not a 
group task. 
 Any suspicious activities or cheating will result zero grade in this assignment. 
 Do not put images, you must type answers in the document. 
 Students who submit assignments after deadline, will get zero.
Q1. Give reasons why you need a budget. Have you ever been involved in the budget process 
at your organization/or at home? If so, describe your role and responsibilities. What aspects 
of the budget process might you change where you work or at home, if you had the 
opportunity? 
Answer: 
A budget helps one to plan the future receipts and payments. It helps one to create a spending 
plan and to estimate how much money will be required to fulfil the requirements. If there is not 
enough money to meet the spending plan, one can prioritize spending and cut down on expenses. 
Alternatively, one can look for other means of receiving revenues. Budgeting also helps in 
identification of inefficient processes in an organization which are leading to loss of finances. 
I have been involved in the budgeting process in my workplace. My main role was to estimate 
the amount of electricity consumption by different machines during the production process and 
to find the cost associated with it.

Give reasons why you need a budget. Have you ever been involved in the budget process at your organization/or at home? If so, describe your role and responsibilities. What aspects of the budget...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment