UGC NET Exam > UGC NET Questions > Which one of the following is related to cont...
Start Learning for Free
Which one of the following is related to control function of the financial manager?
- a)To negotiate with bankers for a loan
- b)To analyse variance between standard costs and actual costs
- c)To estimate the future cash flows from a proposed project
- d)To advertise the public issue of the firm
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Which one of the following is related to control function of the finan...
Financial managers are responsible for the financial health of an organisation. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organisation. Financial managers analyse variance between standard costs and actual costs. The process of analysing differences between standard costs and actual costs is called variance analysis.
Free Test
FREE
| Start Free Test |
Community Answer
Which one of the following is related to control function of the finan...
Analysis of Variance between Standard Costs and Actual Costs
Financial managers are responsible for controlling the financial resources of a company to ensure efficiency and effectiveness in operations. One of the key tasks related to the control function of the financial manager is the analysis of variance between standard costs and actual costs. This involves comparing the budgeted or standard costs with the actual costs incurred by the company in its operations.
Importance of Variance Analysis
Variance analysis helps financial managers to identify areas where costs are higher or lower than expected. By understanding the reasons for these variances, managers can take corrective actions to improve efficiency, reduce costs, and increase profitability.
Decision Making
Analyzing variances also helps financial managers in making informed decisions about resource allocation, pricing strategies, and performance evaluation. It provides valuable insights into the financial performance of the company and helps in setting realistic budgets and targets for future periods.
Continuous Monitoring
Financial managers need to continuously monitor and analyze variances to ensure that the company is on track to achieve its financial goals. By proactively identifying and addressing variances, managers can prevent financial losses and improve overall financial performance.
Conclusion
In conclusion, analyzing variances between standard costs and actual costs is a crucial aspect of the control function of the financial manager. It helps in maintaining financial discipline, improving operational efficiency, and achieving the financial objectives of the company.
Financial managers are responsible for controlling the financial resources of a company to ensure efficiency and effectiveness in operations. One of the key tasks related to the control function of the financial manager is the analysis of variance between standard costs and actual costs. This involves comparing the budgeted or standard costs with the actual costs incurred by the company in its operations.
Importance of Variance Analysis
Variance analysis helps financial managers to identify areas where costs are higher or lower than expected. By understanding the reasons for these variances, managers can take corrective actions to improve efficiency, reduce costs, and increase profitability.
Decision Making
Analyzing variances also helps financial managers in making informed decisions about resource allocation, pricing strategies, and performance evaluation. It provides valuable insights into the financial performance of the company and helps in setting realistic budgets and targets for future periods.
Continuous Monitoring
Financial managers need to continuously monitor and analyze variances to ensure that the company is on track to achieve its financial goals. By proactively identifying and addressing variances, managers can prevent financial losses and improve overall financial performance.
Conclusion
In conclusion, analyzing variances between standard costs and actual costs is a crucial aspect of the control function of the financial manager. It helps in maintaining financial discipline, improving operational efficiency, and achieving the financial objectives of the company.
Attention UGC NET Students!
To make sure you are not studying endlessly, EduRev has designed UGC NET study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UGC NET.
|
Explore Courses for UGC NET exam
|
|
Similar UGC NET Doubts
Top Courses for UGC NETView all
Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer?
Question Description
Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer?.
Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UGC NET.
Download more important topics, notes, lectures and mock test series for UGC NET Exam by signing up for free.
Here you can find the meaning of Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which one of the following is related to control function of the financial manager?a)To negotiate with bankers for a loanb)To analyse variance between standard costs and actual costsc)To estimate the future cash flows from a proposed projectd)To advertise the public issue of the firmCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice UGC NET tests.
|
|
Explore Courses for UGC NET exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup