Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 11EA
Look up the definitions for the following terms:
- Budget (Budgeting)
- Capital budget (Capital Budgeting Decisions)
- Balanced scorecard (Balanced Scorecard and Other Performance Measures)
- Break-Even point (Cost Volume Profit Analysis)
Provide examples of how each of these terms is used in your own life and how using these practices is useful.
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Provide a letter of advice:• discuss the key results of the income statement and cash budget• make one suggestion on how the client could improve the financial success of the cost management strategy• identify and discuss one non-financial factor that might affect the client’s decision to proceed with the chosen proposal• clearly state whether the client should proceed with the chosen proposal and why
Which among the expenses you have listed covers the majority of the budget?
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A SMART goal is
specific, making, actionable, relative, timely.
significant, making, actionable, relative, timely.
specific, measurable, attainable, realistic, time frame–specific.
A budget is a way of
tracking expenditures and making sure you spend it on what is important to you.
making sure that most of your income is spent on rent, food, and other necessities.
tracking expenditures and limiting them as much as possible.
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Have a weekly game night with friends.
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Start saving.
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making minimum monthly payments within the grace period.
using your credit card only when necessary.
If you have credit card debt, what is your BEST plan of action?
Stop using your credit cards and start paying off the debt.
Wait…
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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- Explain how both small and large organizations can benefit from budgeting.arrow_forwardIf management is being evaluated on their ability to manage a budget, what can they do to increase cash flow?arrow_forwardWhich of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.arrow_forward
- Which approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgetingarrow_forwardWhat are some characteristics of performance-based budgeting? What are some advantages and disadvantages of performance-based budgeting? How does the organization you selected incorporate performance-based budgeting? If the organization you selected does not incorporate performance-based budgeting, how does the organization reflect or incorporate program outcomes to the budget? When responding to classmates, compare the organization you chose to theirs. Is one organization more successful at describing their strategic plan and aligning their budget to reflect outcomes? Why or why not?arrow_forward‘Budgeting has a number of different purposes including: Planning; Control; Performance evaluation; Motivation. Some managers believe that zero-based budget is more beneficial than other types of the budget for firms.’ Critically discuss the above statement with reference to academic literature. In your discussion, you should refer to the budgeting systems zero-based and incremental.arrow_forward
- Out of the following options please tell me which are two dimensions or the main aspects of budgeting? Incremental and Zero-Base Budget Strategic Plan and Performance Report Static Budget and Flexible Budget Planning and Control Budget Effectiveness and Efficiencyarrow_forwardFocusing on improving the activities that are showing significant differences between budgeted and actual results is: A.quantifying plans B.management by exception C.cash management D.creating benchmarksarrow_forwardDescribe the steps in creating a capital budget and how they affect your management decisions.arrow_forward
- For most organizations, a budget is the benchmark for evaluating actual performance. O True O Falsearrow_forwardAs a financial manager, what are some of the considerations you must take into account when performing capital budget analysis?arrow_forwardThe best measure for evaluating the effectiveness of a manger in an investment center would be A. residual income measures B. current ratio measures C. success in meeting budgeted revenues D. success in controlling costsarrow_forward
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