Accounting
Budgeting
The traditional role of budgeting combines the need for planning and the development of a framework which can be used for control. This is achieved through the gathering of figures for the expected or desired revenue generation and the expected or desired outgoings associated with the generation of that revenue (de Waal et al., 2011). Two major forms of budget exist for commercial organizations; capital budgeting and operating budgets, the former deals with large long-term projects and investment, whereas operating budgets deal with the everyday operations of the firm or department (Horngren et al., 2010). It is usual for budgets to be prepared in advance of the period in which they will be applied, gathering the relevant information in order to create a budget. The most effective and potentially accurate budgets are those which have accurate input information, which often means consulting with relevant managers involved in the operations (Chenhall and Brownell, 1988).
The starting point for gathering information is to ensure the staff knows what is needed; if they know why it is needed and how it will be used, evidence indicates greater effort will be placed in the process, as well as the process having the potential to enhance the employment relationship due to the participation (Chenhall and Brownell, 1988).
The budgeting process is likely to start with the collection of different revenue and cost figures. In a sales department, the sales manager may look to each of the sales teams to provide them with the figures that are needed. The department...
It is argued that while land tenure data can be instrumental in addressing land-related conflicts, much of the practical value is lost because of inconsistency of information and because information is not readily accessible, or cannot be combined to allow for greater depth of analysis. In practice, this means that policy-makers cannot make immediate use of the information that is available because additional time and expense are required either
Budgeting and Financial Planning Distinctions between budgeting & financial planning. The difference between budgeting and financial planning The difference between budgeting and financial planning Budgeting and financial planning are often used interchangeably in the speech of laypersons, when they are talking about the economic outlook of organizations. They are, however, very different processes, although the two are interrelated. One analogy is that of someone trying to maneuver the organization like a rowboat over a
Budgeting as an Adequate Tool for Planning and Control in Organizations: A budget apart from being a coordinated and comprehensive financial plan for the resources and operations of a given future period is also intended to promote the managerial functions of control and planning. Over the years a budget has been perceived as a tool for forced planning as it constitutes the most important and basic management functions since other managerial
How the Old Westbury College athletics budget is tied to its mission and vision: The conceptual framework Maverick's mission and vision Mission The mission of the team is to produce athletes who are unparelled in their areas of sportmanship. Vision To bring up athletes who are men and women of integrity and are performers in almost all important faculties of life and the society. The budgetary allocation The budgetary allocation will take into account the relative importance
"Management believes that the accounting estimates employed are appropriate and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates actual results could differ from the original estimates, requiring adjustments to these balances in future periods." Based on the data retrieved and the projections made, the accounting division will proceed to the development of the consolidated statements for all of GM subsidies and the overall group.
Many managers who already are involved with competition in time-based industries realize that manufacturing strategy is often influenced by the traditional cost management system and this proves to be a mistake as time management system might have worked better (Hutchinson, 2007, p. 31). In the manufacturing sector, the traditional managerial cost accounting reporting system is still used but as many managers are ready to adopt the advanced manufacturing strategies
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