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ACCT 2102: UGA, Farmer- Chapter 11 Conceptual | Latest Update | 2024/2025 | Rated A+ $10.01   Add to cart

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ACCT 2102: UGA, Farmer- Chapter 11 Conceptual | Latest Update | 2024/2025 | Rated A+

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ACCT 2102: UGA, Farmer- Chapter 11 Conceptual | Latest Update | 2024/2025 | Rated A+ What is the purpose of a budget? The purpose of a budget is to provide a financial plan that helps an organization allocate resources effectively and control expenses. Define "variance analysis." Var...

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  • September 27, 2024
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  • ACCT 2102: UGA, Farmer- Chapter 11 Conceptual
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ACCT 2102: UGA, Farmer- Chapter 11
Conceptual | Latest Update | 2024/2025 |
Rated A+
What is the purpose of a budget?


✔✔ The purpose of a budget is to provide a financial plan that helps an organization allocate

resources effectively and control expenses.




Define "variance analysis."


✔✔ Variance analysis is the process of comparing actual financial performance to budgeted

performance to identify discrepancies and understand their causes.




What is a flexible budget?


✔✔ A flexible budget adjusts budgeted revenues and expenses based on actual activity levels,

allowing for more accurate performance evaluation.




Explain the concept of "direct costs."


✔✔ Direct costs are expenses that can be directly traced to a specific product, department, or

project.




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, What are indirect costs?


✔✔ Indirect costs are expenses that cannot be directly linked to a specific cost object and are

typically allocated across multiple departments.




What is the significance of a performance report?


✔✔ A performance report summarizes actual financial results compared to budgeted figures,

helping management assess efficiency and effectiveness.




Define "cost centers."


✔✔ Cost centers are departments or units within an organization that are responsible for

controlling costs but do not directly generate revenue.




What is a profit center?


✔✔ A profit center is a segment of an organization responsible for generating revenue and

managing its own costs, allowing for profitability analysis.




What does "return on investment" (ROI) measure?


✔✔ Return on investment (ROI) measures the profitability of an investment relative to its cost,

helping evaluate the efficiency of resource allocation.

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