Chapter 24: Q24-4RQ (page 1355)
What is goal congruence?
Short Answer
Answer
Goal congruence is the stage where the various departments of anorganization share a common goal.
Chapter 24: Q24-4RQ (page 1355)
What is goal congruence?
Answer
Goal congruence is the stage where the various departments of anorganization share a common goal.
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Get started for freePreparing a financial budgetโbudgeted income statement and balance sheet
Bradley Company has the following post-closing trial balance on December 31, 2018:
The companyโs accounting department has gathered the following budgeting information for the first quarter of 2019:
Budgeted total sales, all on account $ 305,000 Budgeted direct materials to be purchased and used 32,000 Budgeted direct labor cost 12,500 Budgeted manufacturing overhead costs:
Variable manufacturing overhead 2,100 Depreciation 1,300 Insurance and property taxes 1,350 Budgeted cost of goods sold 72,000 Budgeted selling and administrative expenses:
Salaries expense 7,000 Rent expense 2,000 Insurance expense 1,100 Depreciation expense 550 Supplies expense 15,250 Budgeted cash receipts from customers 263,500 Budgeted income tax expense 41,000 Budgeted purchase and payment for capital expenditures (additional equipment) 43,000
Additional information:
a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter.
b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred.
c. Accounts payable at December 31, 2018 are paid in the first quarter of 2019. Requirements
1. Prepare Bradley Companyโs budgeted income statement for the first quarter of 2019.
2. Prepare Bradley Companyโs budgeted balance sheet as of March 31, 2019
What is the typical focus of responsibility reports for cost centers, revenue centers, and profit centres?
Question: List the four types of responsibility centers, and briefly describe each.
Refer to the information in Short Exercise S24-7. Compute each divisionโs RI. Interpret your results. Are your results consistent with each divisionโs ROI?
What is a responsibility center?
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