ACC 3515 – MANAGEMENT ACCOUNTING SEM 1 2014/2015 FLEXIBLE BUDGETING 1. The following overhead data are for a department in a large company. Actual Costs Incurred Static Budget Activity level (in units) 200 220 Variable costs: Supplies $4‚050 $4‚906 Power $1‚690 $1‚892 Fixed costs: Administration $6‚240 $6‚200 Depreciation $6‚280 $6‚200 Required: Prepare a report that would be useful in assessing how well costs were controlled in this department. 2. Hempstead Corporation
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From traditional budget planning to zero-based budgeting (Relevant to PBE Paper II: Management Accounting and Finance) Dr Fong Chun Cheong‚ Steve‚ School of Business‚ Macao Polytechnic Institute Introduction A budget is an important financial plan that incorporates a systematic analysis and interpretation of financial forecasts in terms of products‚ markets and the application of resources. It requires managers to plan. It needs operational and financial resources information for decision making
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Risks of Budget Travel A well-known song expresses many travel-dreamers’ complaints‚ “I want to travel to Guilin‚ but when I have the money‚ I don’t have the time; I want to travel to Guilin‚ but when I have the time‚ I don’t have the money.” Travel requires time and expenditure on traffic‚ accommodation‚ food‚ scenic spot tickets‚ and so on. People’s obsession with travel bears a new travel form-- budget travel. The first website about budget
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Target size and power is a major strength of theirs. When you see the statistics and rankings you can tell that they have a huge presence. They are a Fortune 50 company. They also ranked in the top 100 of the most valuable global brands in 2014. Furthermore‚ they ranked in the top three US retail brands list. Target has stores all over the US. There are about 1800 stores‚ which brought revenue of over $72 billion. Like Wal-Mart‚ they sell a variety of merchandise (OneSource). Also like Wal-Mart Target
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As we discussed and read about this week in our class‚ the topic of the US Budget and how‚ why and what should we do about it has become a topic with many views and opinions. The United States of America currently holds over 16 Trillion dollars in debt based on our governments spending practices for the last ten years. Two wars‚ numerous fiscal collapses and cliffs‚ a bubble popped housing market‚ looming medical care costs from a socialized healthcare law and a recession have caused the government
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that month’s estimated sales. This is exactly the amount of material on hand on January 1. c. The direct labor used per unit of output is two hours. The average direct labor cost per hour is $15. d. Overhead each month is estimated using a flexible budget formula. (Activity is measured in direct labor hours.) [pic] .:. e. Monthly selling and administrative expenses are also estimated using a flexible budgeting formula. (Activity is measured in units sold.) [pic] .:. f. The unit selling price
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Managaging the budget efficiently should be a very important goal for law makers because later on most of the nation will be threaten. With the baby boomers becoming eligible for service such as social security‚ medicare and other government assistance . because of the aging population services will be cut for those who are not eligible for retirmane or medicare . government services will decrease because the federal government will face more challenges and a much higher budget. Cutting services
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Expenditures‚ Revenues‚ and Budgets Expenditures‚ Revenues‚ and Budgets AJS 532 Expenditures‚ Revenue‚ and Budgets Budgeting is an important subfield of public administration (Tyer & Willand‚ 1997). A budget system balances expenditures and revenues (Smith & Lynch‚ 2004). In public budgeting‚ revenues are funded by sources. These such sources are fees and special assessment‚ lotteries‚ and public‚ and other miscellaneous revenue. Another important factor of budgeting
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BUDGET 2013 - PERSONAL TAX The Finance minister of Singapore announced several budget initiatives in the Budget 2013 that aims to improve the lives of Singapore citizens. A number of changes were introduced which promotes progressive taxation‚ building a more inclusive society and encouraging quality growth. This Budget is very much focused on productivity and helping the lower income group as well as the elderly. Although there would not be any drastic changes in the personal tax rates‚ we could
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• Therefore recessionary periods tend towards a deficit. In the case of this recession of course it was exacerbated by the financial crisis‚ which involved the government paying out very large sums of money to support the banking system. • The budget deficit in the financial year just ending will be c£150bn‚ more than 11% of GDP. • Another way of looking at it is to say that over 20% of government spending this year will be paid for by borrowing. This is not sustainable. • Alistair Darling‚
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