Budgets and Performance reports, Ethics in Accounting
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How could a person use budgets and performance reports in the decision making process?
How might ethics influence the accounting decision?
What accounting information would be most relevant to consider in making a decision?
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Solution Summary
This solution is comprised of detailed explanation of how budgets and performance records can be used in the decision making process, as well as, how ethics might influence the accounting process. Additionally, this solution outlines what accounting information might be most relevant to consider in making decisions.
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How could a person use budgets and performance reports in the decision making process?
A budget is a plan expressed in monetary terms covering a future time period (typically a year broken down into months) (Collier, 2006). Budgets are based on standard costs for a defined level of sales demand or production activity. Budgets use the business objectives to forecast economic and industry conditions, including competition. These forecasts are based on knowledge of past performance, understanding of market trends, seasonal factors, competition, etc. With these in mine, one can make decisions regarding future business activities such as investments.
With performance reports, one can be ...
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