ALBERTO’S DISCUSSION REPLY Jennifer Shields Jul 2, 2024, 1:05 PM Unread Budget variance is the difference between the budgeted

ALBERTO’S DISCUSSION REPLY

Jennifer Shields

Jul 2, 2024, 1:05 PM

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Budget variance is the difference between the budgeted amount of expense and the actual amount. Variances occur when it is challenging to forecast spending costs, revenue, etc. The budget variance is favorable when the actual revenue is higher than the budgeted amount. Variances can happen due to a bad economy, for example, or being too optimistic in your first year of business could lead to haste spending. To avoid budget variances, it’s best to make transparent and obtainable targets for your market and have correct financial data.

 

Warren, C., Jones, J., and Tayler, W. 2 23. 
Financial & Managerial Account ng. 16th ed. Boston, MA: Cengage. ISBN-13: 9780357714041

Lola Fuhs

Jul 2, 2024, 1:23 PM

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From my understanding from the reading there are two different types of budget cost variances, and with this there is one that is unfavorable and another that is favorable. The reasoning behind this is one means that the company made more than what was expected with the budget, while the other means the exact opposite. But there is variance in everything from cost of materials to volume of costs or items. With all of this being said something like budget variance is something that would be projected as good due to the fact the company is meeting or exceeding the standards made by the initial company budget. But is revenues are miscalculated or cost of goods go up without a budget being flexible, this can very easily lead to a negative variance meaning the company doesn’t quite meet the budget, leading to a budget shortfall. 

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Jean Scarrott

Jul 2, 2024, 5:57 PM

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A budget variance is the difference between the planned or budgeted figures and the actual figures for a specific part of a budget (Warren et al., 2023). Depending on the business circumstance, it can be good to have a budget variance, but the company needs to be aware that it can also be harmful. What this means is that it is only good if it is a favorable variance, and that unfavorable variances are not a good thing. Budget variances can be avoided with carefully, well-planned budgets. However, even well-planned budgets can have some variance so avoiding budget variance 100% of the time is very difficult.

Reference

Warren, C., Jones, J., & Tayler, W. (2023). 
Financial & Managerial Accounting. 16th ed. Boston, MA: Cengage. ISBN-13: 9780357714041

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Kimberly Greene

Jul 2, 2024, 1:02 PM(edited)

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Hello Class,

 

This week we learned about what a standard cost system is.  Companies use a standard cost system to set a standard price and cost of particular costs.  These cost are set in stone.  Some of the cost are Direct Labor, Materials, and Factory overhead.  An advantage of having this type of budget is the cost are set and there is a standard that you do not deviate from.  This ensures that quality and production will majority of the time if not all will be at the level of the standard you set.  You know the cost and are prepared to make sure that you are able to cover those costs.  Doing this budget also helps to see and determine how much a product should cost and how much it actually cost.  The disadvantage by doing this is the budget is set to a standard limits improvements by discouraging improvements beyond the standard, difficult to maintain, could result in stale standards, and creates a single focus on one area which may leave other areas not monitored or improved.   Even though there are a some disadvantages to this type of budget, it is still only one part of the performance evaluation so companies still feel good at using this method.

 

Kim

 

Reference:  Warren, C., Jones, J., and Tayler, W. 2023. 
Financial & Managerial Accounting. 16th ed. Boston, MA: Cengage. ISBN-13: 9780357714041 

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Lisa Woodard

Jul 3, 2024, 10:04 AM(edited)

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The standard cost system according to the book is “accounting systems that use standards for each element of manufacturing cost entering into the finished product.”(Warren et al., 2019). One article states that “The primary advantages to using a standard costing system are that  it can be used for product costing, for controlling costs, and for decision-making purposes. Whereas the disadvantages include that implementing a standard costing system can be time consuming, labor intensive, and expensive.” (“Standard costing system,” 2013). 

 

References: 

 

Standard costing system. (2013, July 24). The Strategic CFO®. 


 

Warren, C. S., Jones, J. P., Tayler, W., Duchac, J., & Reeve, J. (2019). 
Working papers, chapters 15-28 for Warren/Jones/Tayler’s financial and managerial accounting. South-Western College.

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Jean Scarrott

Jul 4, 2024, 8:15 AM

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According to Warren et al. (2023), a standard cost system is a method of budgeting using predetermined standard costs for material, labor, and overhead. In other words, standard values for manufacturing costs. The advantage of this budget is when you compare it to your planned budget you can judge if your costs exceed or are less than the standard and this can be a cost-saving measure. The disadvantage is that if there are variances that are negative they are less likely to be reported since the focus of this budget method is to mainly look for negative variances.

Reference

Warren, C., Jones, J., & Tayler, W. (2023). 
Financial & Managerial Accounting. 16th ed. Boston, MA: Cengage. ISBN-13: 9780357714041

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YENROSE DISCUSSION REPLIES

Matthew White

Jul 1, 2024, 5:38 AM

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Researchers operating in theory-testing mode might opt not to use a random sample in their study for several reasons. Firstly, theory-testing research often focuses on specific hypotheses derived from existing theories, and as such, the researchers may prioritize internal validity over external validity. By using a non-random sample, researchers can control for specific variables and conditions, which helps in establishing a cause-and-effect relationship between variables under investigation. This prioritization of internal validity allows the researchers to emphasize the accuracy and precision of their findings within a controlled setting.

 

Additionally, theory-testing researchers may be more concerned with the generalizability of their findings to the theoretical framework they are testing rather than to the broader population. As a result, they may deliberately select a non-random sample that is more representative of the specific characteristics or traits relevant to their theory. By emphasizing these aspects of their research, theory-testing researchers can delve deeper into understanding the underlying processes and mechanisms that drive the phenomena they are studying, thereby contributing to the advancement of theoretical knowledge in their respective fields.

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Sharon Lewis

Jul 1, 2024, 5:45 PM

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Hello class! 

 

Researchers operating in theory-testing mode might deliberately choose not to use a random sample, as their primary focus is on testing theoretical mechanisms and relationships rather than seeking broad generalizability. By emphasizing internal validity, they aim to ensure that the causal relationships they identify are genuinely due to the independent variables they are manipulating or measuring, rather than confounding factors. They are prioritizing internal validity and emphasizing the control of experimental conditions, the investigation of specific mechanisms and relationships predicted by their theory, and the accuracy of causal inferences in a controlled setting.

 

Morling, B. (2020). Research methods in psychology: Evaluating a world of information (4th ed.). Norton Publishing. ISBN-13: 9780393893724

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Ricky Goodman

Jul 2, 2024, 5:39 AM

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Most of the time  the researcher wants more control over their study. So they would most certain chose to not use a random pieces to their experiment. They typically intend to focus on validity where they can have control over the study or experiment that they are working on. They are choosing to focus on the theory of the project rather than more depths of the study. 

Matthew White

Jul 1, 2024, 5:39 AM

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The goal of cultural psychology is to understand the role of culture in shaping human behavior and mental processes. It aims to explore how cultural factors such as beliefs, values, norms, and traditions influence individuals’ cognitive processes, emotions, and behaviors. By studying the impact of culture on human experience and behavior, cultural psychology seeks to uncover the similarities and differences in psychological functioning across various cultural groups.

 

In the context of theory-testing and generalization modes, cultural psychology suggests that theories and generalizations developed in one cultural context may not be universally applicable to all cultures. It emphasizes the importance of testing psychological theories in diverse cultural settings to determine their generalizability. This approach recognizes that cultural variations can significantly influence the applicability and validity of psychological theories. Therefore, cultural psychology encourages researchers to adopt a more inclusive and diversified approach to theory-testing, taking into account the influence of culture on human psychology. By doing so, it promotes a more comprehensive and nuanced understanding of human behavior that encompasses cultural variability.

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Sharon Lewis

Jul 1, 2024, 5:53 PM

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Hello,

 

The goal of cultural psychology is to understand how cultural contexts shape and influence human behavior, thoughts, and emotions. This field suggests that researchers should consider both theory-testing and generalization modes. Theory-testing explores specific cultural mechanisms and relationships, and generalization aims to understand how findings apply across diverse cultural contexts. Balancing these approaches helps ensure that psychological theories are both accurate and broadly applicable. By integrating insights from various cultural settings, researchers can develop a more holistic understanding of human psychology, recognizing the nuances and variations that exist across different cultural groups. This comprehensive approach ultimately leads to more inclusive and representative psychological theories.

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Emma Hall

Jul 2, 2024, 7:10 AM

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Hello Class,

 

Cultural psychology aims to understand how cultural contexts shape and influence human behavior, thoughts, and emotions (Morling, 2020). This field suggests that theory-testing and generalization should be approached with cultural sensitivity, as theories developed in one cultural context may not necessarily apply universally. Cultural psychology emphasizes the importance of considering cultural variables when testing theories to ensure they are relevant and accurate across diverse populations. When working in theory-testing mode, researchers should incorporate cultural factors to validate the universality or cultural specificity of their hypotheses. In generalization mode, it’s crucial to account for cultural differences to avoid overgeneralizing findings and to appreciate the rich diversity of human experiences shaped by different cultural backgrounds.

 

Best, 

 

Emma

 

Morling, B. (2020). 
Research methods in psychology: Evaluating a world of information (4th ed.). Norton Publishing. ISBN-13: 9780393893724

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