Compare the process of budgeting revenues and expenses with the process of budgeting assets, liabilities, and...

60.1K

Verified Solution

Question

General Management

Compare the process of budgeting revenues and expenses with theprocess of budgeting assets, liabilities, and owners’ equity, andexplain how this information is included in the QuickBooksAccountant budgeting process. Why is budgeting an essentialpractice for all organizations? What benefits does budgetingpresent to the organization, and what happens if an organizationchooses to not budget?

Answer & Explanation Solved by verified expert

3.9 Ratings (718 Votes)

companies NGO and governmental units use many types of budgets Companies can use budgettoactual comparisons to evaluate individual performance 1 Responsibility budgets are developed to calculate the performance of each manager 2 Capital budgets evaluate longterm capital projects such as the addition of equipment or the relocation of a plant 3master budget which consists of a planned operating budget and a financial budget 4 The planned operating budget helps to plan future profits and showcase a See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member