Business and Finance Homework Help: Identify and explain the key objectives of a budgetary control system: (20 marks)
Before implementing a responsibility accounting system, all areas of authority and responsibility within an organization must be clearly defined.
Required: Explain how this accomplished and why it is important. (15 marks)
If budget performance is overemphasized, myopic behavior can occur where a manager takes actions that improve budgetary performance in the short run but cause long-run harm to the firm.
Give at least two examples of myopic behavior that might be encouraged if there is an overemphasis on budgets as a performance measure. (10 marks)
Discuss ways to discourage or prevent myopic behavior in managers. (10 marks)
What are the three approaches to set at an optimum selling price of a product? Describe each of the approach with example. (15 marks)
What factors should be taken into account when pricing? (20 marks)
Solution Guideline 23:
To estimate optimum selling prices, we can use any of the following three:
(i) Plot total costs and total revenue against output and where the gap is the greatest between cost and revenue is the optimum price which maximizes profit. (5 marks)
(ii) Flexible budget prepare revenue and cost structures at various levels of output and look for the level of output which provides the greatest profit. (4 marks)
(iii) Differential calculus
The optimum output level is where marginal cost = marginal revenue
dTC/dx = dTR/dx (5 marks)
(2 marks for explanation and 2-3 marks for an example max total 15 marks)
(b) Factors to consider when setting a price:
· Competitors’ actions and reactions
· Suppliers: You ↑ price → Suppliers ↑ price for material
· Quality: customers judge quality by price
· New product pricing difficult to make as lack of reference point
· Income effects (unemployment)
· Multiple products and loss leaders companies sell a range of products which are commonly interrelated being complements to each other or substitutes for one another.
Pricing strategy – penetration pricing (low price), price skimming(high price), price discrimination, volume discounting
Customers Demand elastic/inelastic. Greater than 1 is elastic, less than 1 inelastic
Price elastic = % change in sales demand % change in sales price
(2 marks for each relevant point max. 20 marks)
Distinguish between the primary aims of not-for-profit and public sector entities and those of profit oriented entities.
Discuss the extent to which international financial reporting standards (IFRS) are relevant to specialized not-for-profit and public sector.
List the Objectives of the UK statement of Recommended practice (SORP) for charities.
Discuss the different approaches that may be required when assessing the performance of specialized not-for-profit and public sector organizations.
Why Choose Us
ACME Homework provides the best top-grade academic writing services in compliance with our customers’ instructions. Have your paper written by a certified professional online college homework help writer to produce only high-quality essays with zero plagiarism.
Professional Academic Writers
You can now choose from a pool of online college homework help writers. Choose your writer and have them write the best content for you. ACME Homework has, over the years, secured a team of the most reliable, experienced, and qualified writers. You can, therefore, trust that your assignment is in good hands.
We know that students have very limited budgets. And for that, we always strive to provide only the best, most affordable online college homework help services to our customers. Our goal is to provide top-quality assignment help services to all customers at the lowest, most affordable prices.
At Acmehomework.com, we pay strict attention to deadlines. We recommend you to check out clients’ reviews for assurance that we will complete your assignments within the set deadlines. You can, therefore, trust that your paper will be done within and before the set deadline. Until now, we have not missed a single deadline.
Our Acmehomework.com homework helper experts write only 100% original and plagiarism-free content for all of our clients. We also have a Quality Assurance Department team that goes through all work submitted by our writers multiple times. You can, therefore, rest assured that any signs of plagiarized or unoriginal content will be rejected before it reaches your portal.
Customer Support 24/7
Acmehomework.com expert writers are always available 24/7 for customers who need assistance with using our website. You don’t have to check your watch the next time you want to have your assignment written. Our customer support is always available round the clock and ready to listen to your queries. Feel free to contact us via the Chat window or support email: firstname.lastname@example.org.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
For years now, Acmehomework.com has stood as a leader in providing its customers with the best online college homework help service in the industry. And all you have to do is provide us with the details of your order. Leave everything else to us. We’ve always got you covered.
Since we launched, Acmehomework.com deserved the best online “college homework help status” thanks to our essay ordering, writing, and delivery process. We deliver nothing but excellence in our results. Our essay writing services include impeccable grammar, zero-plagiarism, proper structure, and conformance to guidelines.
Admission and Business Papers
Our top-quality online college homework help services guarantee that you will be accepted into your desired university. You just need to fill out your admission and business papers, and our team of online homework help workers will handle the rest. We will help you achieve and secure the best positions in your admissions forms.
Editing and Proofreading
At Acmehomework.com, we have a skilled writing and editing team that’s dedicated to creating, editing, and restructuring for all types of papers. Our online college homework help editing and proofreading team will check, paraphrase, and correct any grammar mistakes on your paper before submitting the final document to you.
At Acmehomework.com, we pride ourselves in having writers in almost all fields, even the most technical ones. You never have to worry about your paper being too technical for our certified online college homework help writers to handle. ACME Homework’s team of writers can handle even the most complex writers. We will match your paper to the most competent writer that we believe will handle your paper the best way possible.