The work can be stressful and hazardous. Most correctional officers are employed in State and Federal prisons.
Several possible actions include securing a short-term loan or line of credit, working with clients in an attempt to accelerate inflows, and working with vendors to temporarily delay payments. The goal is to have added funds on hand so that operations continue smoothly and are not disrupted because of sporadic or ongoing shortages.
The following information relates to DFW Corporation: All sales are on account and are budgeted as follows: Selected amounts taken from the January 31 balance sheet were: Prepare a budgeted income statement that summarizes activity for the two months ended March 31, 20x1.
Compute the amounts that would appear on the March 31 balance sheet for accounts receivable, plant and equipment netand retained earnings. Discuss the importance of budgeting and identify five purposes of budgeting systems. Budgets aid in determining how to acquire resources, and when and how these resources should be used.
In plain and simple terms, a formal budgeting program is a key ingredient to effective management. The five purposes of budgeting are to: List several factors that an organization might consider when developing a sales forecast.
Past sales levels and economic trends for the firm as well as for the industry as a whole General conditions in the economy such as growth or decline, recession or boom, etc.
External forces such as weather or potential strikes Political or legal factors such as litigation or new legislation Pricing policies of the organization Advertising and promotion plans Competitors' actions Potential for new product lines Market research studies Budgetary Slack Tara Pineno, new-accounts manager at East Bank of Clarion, has been asked to project how many new accounts she will open during 20x2.
In 20x1, the bank had 10, accounts. Pineno believes that the local economy will continue to grow at the same rate in 20x2 as it has in recent years. She decided to submit a projection of new accounts for 20x2. Your consulting firm has been hired by the bank president to make recommendations for improving the bank's operation.
Write a memorandum to the president defining and explaining the negative consequences of budgetary slack. Also discuss the bank's bonus system for the new-accounts manager and how the bonus program tends to encourage budgetary slack.
President, East Bank of Clarion From: Student and Associates Subject: Budgetary slack Budgetary slack is the difference between a budget estimate that a person provides and a realistic determination of the amount.
The practice of creating budgetary slack is called padding the budget.
The primary negative consequence of slack is that it undermines the credibility and usefulness of the budget as a planning and control tool. When a budget includes slack, the amounts in the budget no longer portray a realistic view of future operations.
The bank's bonus system for the new-accounts manager tends to encourage budgetary slack.
Since the manager's bonus is determined by the number of new accounts opened in excess of the budgeted number, there is an incentive for the manager to understate her activity projections.
Tara's projection, however, is only James Corporation, headquartered in Chicago, has a manufacturing plant in Dallas. Plant managers desire to participate in the company's budget efforts, which, for the past 10 years, have been handled solely by top executives in Chicago.Franklin Agamata Solution Manual Management Advisory Services Edition Sponsored Curriculum Vitae of Dr.
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