Accounting Question Thread

[eeps]

kk. Thanks!

[eeps]

Question:

Using an accounting principle to support your reasoning, outline two advantages and two disadvantages in a business preparing budgets on a monthly basis.

Thanks.

[eeps]

Question:

Another THEORY question...

The manager of Lazy Swim Pools has suggested that there are too many uncertainties in the preparation of a Budgeted Cash Flow Statment for it to be useful. Suggest three reasons why this statement could be true.

MUCH appreciated if anyone could answer.

Thanks.

[pooshwaltzer]

1. Assumptions regarding time schedules in the collection of trading debtors' accruals as well as pending liabilities due to short term creditors.
2. Assumptions regarding future period revenue anticipated but has yet to be realized.
3. Assumptions underlying the stability of markups, profitability margins and constancy of sales price vs COGS dynamics.

[eeps]

Thanks!

[eeps]

LOL. I have may have already asked this question before... but... does Accounting scale at all? and also, how much can your SAC marks increase by? (assuming that you have a strong cohort and your school performs well.)

Thanks.

[_avO]

Yes it can scale by a maximum of 1 .

Your SAC marks do not have a limit to how much it can increase or decrease by, just depends on your cohorts performance come the exam

[darcy42]

2009 Scaling Report, pretty interesting document - http://www.vtac.edu.au/pdf/scaling_report.pdf

[eeps]

Yes it can scale by a maximum of 1 .

Your SAC marks do not have a limit to how much it can increase or decrease by, just depends on your cohorts performance come the exam

LOL. 1?.. so small!

really? there is no LIMIT... wow! at the same time, I'm hoping that I beat my friends... but then again... I want them to do well as well. :\

[eeps]

SO your score would only scale by 1 if you got 40 raw or above, is that correct in saying?

[darcy42]

Yep

[sam.utute]

It's a bit retarded I reckon, but better than Business Management. And it's basically always only 1 mark scaling for above 40. My mate got 42, scale to, would you believe, 43?

[eeps]

HAS anyone got any Budgeting QUESTIONS that they could throw at me (LOL. as in post)?.. as revision for my SAC?

Cheers.

[_avO]

Explain the process of budgeting after preparing variance reports.

State one disadvantage of preparing budgeted reports more than once a year.

Explain why the business has budgeted a Net Profit but has suffered a cash deficit (broad question, see how much know)

Define what is meant by budgeting

[eeps]

umm...

ONE disadvantage of preparing budgeted reports more than once a year is that preparing the budgeted reports is time-consuming to the business and is costly. (not the best reasons I know...)

THE business may have suffered a cash deficit because of unforeseen expenses (i.e. damage to stock, stock write down) and this may have contributed to the cash deficit. Another cause may have been that there was less demand for the stock of which the business was selling.

Budgeting is the process of predicting/estimating the financial consquences of future events.

LOL. the last question, I've got no idea... I'll have a shot. After preparing the variance report, the actual figures are compared to the budgeted figures for the period, to see if the item is favourable or unfavourable to the business.

LOL. any of them right?