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Variance Analysis (Example)

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Budgeting process and Variance Analysis Name Institution of Affiliation Date of submission Budgeting process involves an organization or an individual through which it creates and also manages the financial plan. A decent planning process includes everybody who is responsible for holding quickly to the budgetary arrangement and executing the affiliation's objectives in making the monetary arrangement. There are two types of budgeting. One is top-down budgeting and the other one is bottom-top budgeting. Top-down budgeting involves the manager coming up with the budget and presenting it to the junior staffs in the organization. The bottom-top budget includes forecasts of income cost benefit and speculation focus directors proposed and endorsed by senior supervisors (Davies& Crawford 2011).  There are several steps included in the building of a budgeting process and these processes include the following. One is writing down the budget. Writing down the budget helps an organization monitor its advancement in the different organization and still achieve the main objectives of the organization. It is advisable for one to choose carefully which approach to use before they put their budget in place. When considering the important thing in investigating the budget variances one should be very careful with the allocation of the spending that will be done so that no errors are made or even to be able to minimize the errors. Direct cost variances and overhead variances are both important for an organization. However they are only helpful if they are applied in the correct order in an organization. Every manager should be careful with the overhead variances and direct cost variances. When it comes to commending the managers the right and proper channel should be used. This however should not interfere with the profits of the organization. This process should be carried out properly (Davies& Crawford 2011). [...]

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The budgeting process may be approached differently in various firms. Top-down budgeting has its inception with directives from senior management who prepare the budget for staff and assess performance based on objectives established at higher levels. Any additional compensation received occurs because of achieving budgeted targets imposed by others. In contrast, bottom-up budgeting reflects the predictions of cost, revenue, profit, and investment center managers proposed and approved by senior managers. Incentives are negotiated by managers proposing the budget rather than imposed by higher-level executives. 1 Define a flexible budget and describe its use. Under which budgeting approach would flexible budgets more likely be used, and why? 2 What might be the most important consideration in investigating budget variances? 3 What are the potential benefits of monitoring direct cost variances? 4 What are the potential benefits of monitoring overhead variances? 5 Should managers be commended for achieving favorable overhead spending, efficiency, and production volume variances? Rationalize your response. In addition to the advertising examples, include two or three other outside references to support your research and conclusions. In your analysis, include the following: An introduction Requirements 1 – 5 Conclusion Requirements: APA FORMAT 3-4 pages in length (required number of pages does not include the title page and the reference page) Include at least 2-3 outside sources

Subject Area: Accounting

Document Type: Paraphrasing

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $35

Words 1100

Pages 4

Completed in 3 days

Expert luther

Client Review

Agent was able to deliver assignment in a very short time provided, grade received A+


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