Discussion Questions Budgetary Planning and Control

Each response must have a minimum of 150 words MUST have references for each response! Quality work! No Plagiarism!

Ch. 21: Budgetary Planning

1. Why is effective budgeting critical to a company's success?

2. State the essentials of effective budgeting and the components of the master budget.

3. Apply budgeting principles to nonmanufacturing companies.

Ch. 22: Budgetary Control and Responsibility Accounting

4. What is a flexible budget?

5. What types of organizations might use flexible budgets?

6. Why are flexible budgets useful?

Ch. 23: Standard Costs and Balanced Scorecard

7. What are variances and why do these occur?

8. What factors would you consider when deciding whether to investigate a variance?