Securities and Exchange Commission. Concept release; request for comment. With the activities and interests of investors, lenders and companies becoming increasingly global, the Commission is increasing its involvement in a number of forums to develop a globally accepted, high quality financial reporting framework. Our efforts, at both a domestic and international level, consistently have been based on the view that the only way to achieve fair, liquid and efficient capital markets worldwide is by providing investors with information that is comparable, transparent and reliable.
A comprehensive plan is developed for all revenue and expenditures. Discretionary, engineered and committed costs.
All revenue and expenditures for any company. Appropriation Budgets The oldest type of budget is referred to as an appropriation budget.
Appropriation budgets place a maximum limit on certain discretionary expenditures and may be either incremental, priority incremental, or zero based. Priority incremental budgets also involve an increase, but require managers to prioritize, or rank discretionary activities in terms of their importance to the organization.
The idea is for the manager to indicate which activities would be changed if the budget were increased or decreased. When it was popular, a more typical approach was to justify the last twenty percent of the budget, i.
From a control perspective, appropriation budgets are effective in limiting the amount of an expenditure, but create a behavioral bias to spend to the limit. Establishing a maximum amount for an expenditure encourages spending to the limit because spending below the limit implies that something less than the maximum appropriation was needed.
Spending below the limit might result in a budget cut in future periods. Since nearly every manager views a budget reduction in their discretionary costs as undesirable, there are frequently crash efforts at the end of a budget period to spend up to the limit.
Flexible Budgets The flexible budget was introduced in Chapter 4. The constant "a" represents a static amount for fixed costs and the constant "b" represents the rate of change in Y expected for a unit change in the independent variable X. The expression " bX" is the flexible part of the budget cost function.
The flexible budget technique is used for planning and monitoring all types of costs.
The static amount "a" includes both discretionary and committed costs, while the flexible part "bX" includes various types of engineered costs. The flexible characteristic of the technique enables the flexible budget to play a key role in both financial planning and performance evaluation.
The planning dimension is emphasized in this chapter and the performance evaluation aspect is given considerable attention in Chapters 10 and Capital Budgets Capital budgets represent the major planning device for new investments. Discounted cash flow techniques such as net present value and the internal rate of return are used to evaluate potential investments.
Capital budgets are part of a somewhat more encapsulating concept referred to as investment management. Master Budgets The fourth type of budget is referred to as the master budget or financial plan.Managerial Accounting: Test Bank - Print Version *(New Edition Available)* [Hilton] on regardbouddhiste.com *FREE* shipping on qualifying offers.
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