master budget and responsibility accounting

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1、6MasterBudgetandResponsibilityAccountingLearningObjectivesAmidtherecentrecession,oneofthehottestinnovationswasthegrowthofWebsitesthatenable1.Describethemasterbudgetanduserstogetanaggregatepictureoftheirfinancialdataexplainitsbenefitsandtosetupbudgetstomanagetheirspendi

2、ngandotherfinancialdecisionsonline.(Mint.com,apioneerin2.Describetheadvantagesofbudgetsthismarket,wasacquiredbyIntuitfor$170millionin3.PreparetheoperatingbudgetandSeptember2009.)itssupportingschedulesBudgetsplayasimilarcrucialroleinbusinesses.Withoutbudgets,4.Usecompute

3、r-basedfinancialplan-it’sdifficultformanagersandtheiremployeestoknowwhetherningmodelsforsensitivityanalysisthey’reontargetfortheirgrowthandspendinggoals.Youmightthinkabudgetisonlyforcompaniesthatareinfinancialdifficulty5.Describeresponsibilitycentersandresponsibilityacc

4、ounting(suchasCitigroup)orwhoseprofitmarginsareslim—Wal-Mart,forexample.Asthefollowingarticleshows,evencompaniesthatsell6.Recognizethehumanaspectsofhigh-dollarvaluegoodsandservicesadheretobudgets.budgeting7.Appreciatethespecialchallengesofbudgetinginmultinationalcompani

5、es“Scrimping”attheRitz:MasterBudgets“Ladiesandgentlemenservingladiesandgentlemen.”That’sthemottooftheRitz-Carlton.WithlocationsrangingfromSouthBeach(Miami)toSouthKorea,thegrandhotelchainisknownforitsindulgentluxuryandsumptuoussurroundings.However,theauraofthechain’sold-

6、worldelegancestandsincontrasttoitsratherheavyemphasis—behindthescenes,ofcourse—oncostcontrolandbudgets.Itisthisveryapproach,however,thatmakesitpossiblefortheRitztoofferthelegendarygrandeuritsguestsexpectduringtheirstay.ARitzhotel’sperformanceistheresponsibilityofitsgene

7、ralmanagerandcontrollerateachlocationworldwide.Localforecastsandbudgetsarepreparedannuallyandarethebasisofsubsequentperformanceevaluationsforthehotelandpeoplewhoworkthere.Thepreparationofahotel’sbudgetbeginswiththehotel’ssalesdirector,whoisresponsibleforallhotelrevenues

8、.Sourcesofrevenueincludehotelrooms,conventions,weddings,meetingfacilities,merchandise,andfoodandbeverage.Theco