Which of the following is correct? * G Capital budgeting process is under the controller's responsibility since this process involves potential cash disbursement O Both the Controller and Treasurer reports directly to the company's Chief Audit Officer. O The Controller is responsible in overseeing financial accounting, and cost accounting functions of the firm. O The firm's Controller manages the firm's cash and manages key risks.

Which of the following is correct? * G Capital budgeting process is under the controller's responsibility since this process involves potential cash disbursement O Both the Controller and Treasurer reports directly to the company's Chief Audit Officer. O The Controller is responsible in overseeing financial accounting, and cost accounting functions of the firm. O The firm's Controller manages the firm's cash and manages key risks.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6MC: Which of the following is true in a bottom-up budgeting approach? Every expense needs to be...

See similar textbooks

Similar questions

The has a role that focuses on budgeting, accounting, and tracking the performance of a single business unit. treasurer chief financial officer O controller O director of risk management
When the budgeting process is communicated according to corporate policy, the employees involved are demonstrating a high level of: Select one: O a. Integrity O O O b. Confidentiality c. Credibility d. Competence
Being a CFO of the company, interpret the importance budget in strategic and operational planning of the company
1. How is the financial plan and budget related to a company’s strategic plan? 2. How do the various functional departments of an organization use financial planning (i.e. marketing, operations, sales, executive management, finance, etc.)?
Statement 1: The Financial Controller approves executive decisions and decides on the firm’s budgets. Statement 2: The Financial Controller gives managerial advices to the executives regarding the financial affairs of the firm. Statement 3: During decision making phase, budget proposals should match with the current financial condition of the firm and with the financial forecasts. Statement 4: The Financial Controller leads two important functions in the finance department such as accounting and treasury. Statement 5: The Financial Controller can handle both accounting and treasury in case the firm has limited resources. a.All statements are true b. Statements 1, 2 and 3 c.Statements 2, 3 and 4 are true are true d. Statements 3, 4 and 5 e.Statements 1, 3 and 5 are true f. Statements 2, 4 and 5 are true are true
Which of the following best describes the role of top management in the budgeting process? Should be involved only in the approval Should not necessarily have detailed knowledge of the daily operations and should limit their involvement Should be enthusiastic and committed to the budget process Separates the budgeting process and the business planning process please answer immediately :)
Which of the following budgeting processes is LEAST likely to motivate managers toward organizational goals?a. setting budget targets at attainable levelsb. participation by subordinates in the budgetary processc. use of management by exceptiond. holding subordinates accountable for the items they controle. having top management set budget levels
It is important for institutions to budget and to further have feedback by receiving regular budgetary control reports in order to facilitate budget centres take control action. The report may or may not be detailed but ideally should contain sufficient information in order to motivate individual managers. Reports to top managers can be exceptional in nature. It is also essential for companies to conduct forecasting as they conduct their business. Required: 1. Explain clearly the differences between forecasting and budgeting. Define the following terms: i. Single-loop feedback. ii. Double-loop Feedback.
Which of the following statements are true? a. Screening projects of the company and determining whether they are profitable or not is part of the financial manager’s investing role. b. A financial manager emphasizes that one of the roles of their department is to transact in the financial markets. c. In an organizational chart, a financial manager who is concerned with determination of product cost and cost control function must be under the Treasurer’s Function. d. A financial manager who is tasked to assessment the company’s credit capacity. In an organizational chart, he must be under the controller.
(B) For the purpose of effective budgetary control, it is imperative on the part of each entity to have definite ‘plan of organization’. This plan of organization is embodied in the organization chart. Assuming that you started your own business, make an organization chart according to your business activities and explain with an example how organization chart guide you to prepare different types of budgets explain
Explain what responsibility accounting is and how budgets are used in responsibility accounting. How should the traditional budget system be evolved to promote innovation within the corporation?
It is important for institutions to budget and to further have feedback by receiving regular budgetary control reports in order to facilitate budget centres take control action. The report may or may not be detailed but ideally should contain sufficient information in order to motivate individual managers. Reports to top managers can be exceptional in nature. It is also essential for companies to conduct forecasting as they conduct their business. Required: Define the following terms: iii. Feed -back loop. Explain this as it applies in the Control Circle. iv. Identify and explain in detail features of feed- back which add value to the management of an institution.