Week 5 Discussion Questions ACC 400

DQ 1 What are the components of a budget? Are they the same for every organization? Why or why not? Should every organization forecast its operating budget? Why or why not?

DQ2 Who are the users of financial statements? How would users differ in their views of the financial statements? Why would they rely on financial statements? What is an example of a financial measure that an external user might use? What is an example of a financial measure that an internal user might use?

DQ3 What are the components of a master budget? What are the steps in the budget process? Who is involved with this process? Is budgeting simply an accounting function? Why or why not?

DQ4 What is the difference between forecasting and budgeting? What are the various forecasting techniques? As a manager, which one would you prefer? Why?