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1、123CHAPTER18DISCUSSIONQUESTIONS1.Thefirstgeneralpurposeofbudgetingistoallowindividualscompaniestodevelopaplantoachieveaspecificgoal.Thesecondpurposeistoallowongoingcomparisonbetweentheplanactualresultsindertobettercontro

2、loperationsactivities.2.Strategicplanningisthemacrolevellongrangeplanningoffirmsinwhichmanagementevaluatesresourcesweaknessesconstraintscompetitiondecideshowwherewhentooperate.Atthestrategicplanninglevelfirmsdecidewhichp

3、roductstosellhowtomarkettheirproductshowtheywillrespondtodemsofgovernmentconsumergroupscompetitionsoon.Capitalbudgetingisplanningftheacquisitionofpropertyplantequipmentthatwillhelpmanagementreachthegoalsoutlinedatthestra

4、tegicplanninglevel.Capitalbudgetinginvolvesmakingdecisionssuchaswhichassetstopurchasewhethertoleasebuy.Operationsbudgetingsimply“budgeting’’istheplanningofoperationsfthecomingperiod.Thistypeofbudgetingisusuallyrathershtt

5、erm.3.Theadvantagesofatopdownbudgetare:a.Topmanagementwhoknowsthestrategicdirectionofafirmmakesbudgetingdecisions.b.Topmanagementhasnospecialinteresttoprotectsocanbeobjective.c.Topmanagementwhichinvolvesarelativelysmallg

6、roupofpeoplecanmakemeefficientdecisions.Theadvantagesofabottomupbudgetare:a.Mepeopleparticipateinthebudget’spreparationstherefe“buyinto’’supptthebudget.b.Peoplearebettermotivatedbyabudgettheyhelpprepare.c.Lowerlevelmanag

7、ersareclosertocustomerstechnologysupposedlyhavebetterinfmationmaymakebetterdecisions.4.Oneyearisthetypicalbudgethizonbecauseitcrespondstotheperiodoverwhichperfmancemustbemeasuredftaxfinancialreptingpurposes.Sincemanageme

8、ntwillbeevaluatingitsperfmanceoveraoneyearperioditisconvenienttohaveabudgetthatcoversthesameperiod.Inpracticealthoughaoneyearperiodistypicalfamasterbudgetmanydetailedbudgetsarepreparedonaquarterlymonthlyevenaweeklydailyb

9、asis.5.Theaccuracyoftheentiremasterbudgetdependsonareliablesalesfecastbecauseallproductioninventyexpenselevelsarebudgetedtomeetprojectedsales.Ifthesalesfecastisinaccurateallotherbudgetswillbewrong.6.Thesequenceofschedule

10、susedinpreparingamasterbudgetfamanufacturingfirmis:(1)sales(revenues)fecast(2)productionbudget(3)directmaterialsbudget(4)directlabbudget(5)manufacturingoverheadbudget(6)budgetedproductcostsheet(7)sellingadministrativeexp

11、ensebudget(8)cashbudget.Oncethesebudgetsarecompletedprojectedprofmafinancialstatementscanbeprepared.7.Thebudgetingprocessfamerchisingfirmusesonepurchasesbudgetinsteadoffiveofthebudgets(productiondirectmaterialsdirectlabm

12、anufacturingoverheadthebudgetedproductcostsheet)usedbyamanufacturingfirm.Hencethebudgetingprocessfamerchisingfirmissignificantlysimplerthanfamanufacturingfirm.8.Thebudgetingprocessfaservicefirmisquitesimilartothebudgetin

13、gprocessfamanufacturingfirm.Servicefirmssellservicesnotproducts.Hencethereisnoinventyoffinishedproduct.Thismeansthatthesales(revenue)budgetservesastheproductionbudget(thenumberofserviceunitstobeprovidede.g.billablehoursn

14、umberofroomstoberentedetc.).Chapter18125PRACTICEEXERCISESPE18–1(LO1)PersonalBudgetingThecrectanswerisE.PE18–2(LO2)BehavialConsiderationsofBudgetingThecrectanswerisD.Althoughbudgetsshouldbecompletedfmallyemployeesshouldno

15、tfeelasthoughtheycannotmakemeaningfulpersonalsuggestions.PE18–3(LO2)TopDownversusBottomUpBudgetingThecrectanswerisC.Althoughabudgetpreparedbyuppermanagementmaygainthesupptofallemployeessuchsupptisnotlikely.Employeeswhoha

16、veasayinthebudgetingprocessgenerallysupptthefinalbudgetmethanemployeeswhohaveabudget“given”tothembyuppermanagement.PE18–4(LO3)MasterBudgetThecrectanswerisB.Infmationaboutdepreciationiscontainedinthemanufacturingoverheadb

17、udgetfamanufacturingfirm.PE18–5(LO3)MasterBudgetInfmationFlowThebudgetsshouldbecreatedinthefollowingder:1.Salesbudget2.Productionbudget3.Directmaterialsbudget4.Cashbudget5.ProfmaincomestatementPE18–6(LO3)SalesBudgetThecr

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