0
What problems could arise if costs and budgets are not controlled?
Wiki User
∙ 12y agoWant this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
The similarities and differences between standards and budgets?
One similarity between standards and budgets is they are both predetermined costs. A major difference is that companies can report inventories using standard costs but not budget costs.
Is direct cost and controlled cost the same?
No direct cost and controlled costs are both separate costs.
Relationship between budgets and standard costing?
they both involve the determination of future costs
A major weakness of flexible budgets is?
they force the manager to compare actual costs at one level of activity to budgeted costs at a different level of activity.
A statistic planning budget is suitable for planning and for evaluating how well costs are controlled true or false?
A static planning budget is suitable for planning and for evaluating how well costs are controlled.
Why do costs need to be controlled and Why is it important to monitor budgets?
Costs need to be controlled because your costs cannot exceed your budget or you will have a negative balance; thus you would not be making any money. you also need to monitor your budgets as your budget always needs to be more than your costs or your business will go out of business.
What are the Disadvantages of controlling costs and budgets in a business?
no
The similarities and differences between standards and budgets?
One similarity between standards and budgets is they are both predetermined costs. A major difference is that companies can report inventories using standard costs but not budget costs.
Is direct cost and controlled cost the same?
No direct cost and controlled costs are both separate costs.
Relationship between budgets and standard costing?
they both involve the determination of future costs
A major weakness of flexible budgets is?
they force the manager to compare actual costs at one level of activity to budgeted costs at a different level of activity.
A statistic planning budget is suitable for planning and for evaluating how well costs are controlled true or false?
A static planning budget is suitable for planning and for evaluating how well costs are controlled.
How would you describe an operating budget?
An operating budget outlines the expected revenues and expenses for a specific period, usually annually. It helps businesses plan and control their financial resources effectively by setting targets and guiding financial decisions. It typically includes details on sales projections, production costs, operating expenses, and profitability goals.
How costs are controlled?
Management oversight, good internal controls in tracking and reporting cost.
What are the disadvantages of outsourcing?
One of the biggest disadvantages of outsourcing is the risk of losing sensitive data and the loss of confidentiality. It is important, therefore, to have checks in place to avoid data loss. And also, hidden costs and legal problems may arise if the outsourcing terms and conditions are not clearly defined.
Do you need a soil boring to test your soils before building a house foundation?
Yes, the related cost to getting a soil boring test is pretty minimal compared to the possible problems that could arise during construction and compared to the overall construction costs of your house/building.
What role do past cost play in relevant costing decision?
Past costs can play an important role in making future cost budgets. The previous costs can help individuals budget how much money they will need for future production of similar objects.
