Acoounting
Budgets
Accounting I
April 29, 2011
In this paper I will analyze Operating Budgets and the impact it plays in a Company’s day to day operations’. I will also briefly discuss the elements that go into a budget are constructed as well as the variances in budgets. Accounting principles and practices are a very important as it relates to everyday life. The term "generally accepted accounting principles (GAAP) is the Americanized term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards (http://en.wikipedia.org/wiki/). Information Systems (Accounting information systems) combine the study and practice of accounting with the design, implementation, and monitoring of information systems. (http://accounting information-systems/function. Open). Such systems use modern information technology resources together with traditional accounting controls and methods to provide users the financial information necessary to manage and budget their organizations (http://www.solutionmatrix.com/operating-budget.html). Generally, a budget covering operating expenses, for normal operations.
Operating expenses can be budgeted (planned for) and accounted for on a monthly, quarterly, and/or annual basis. Operating budgets are usually fixed through a process different from that used on capital budgets (in some companies, all management above a certain level participate in the process ( www.solutionmatrix.com/operating-budget.html ).Operating budgets, once fixed, are usually not changed during the period—except maybe for emergency reductions following unexpectedly poor sales results or other disasters. Operating budgets generally cover predictable, repeatable costs; items bought under an "expense budget" (as opposed to a capital budget) are not registered as capital assets and are not depreciated. (http://www.solutionmatrix.com/operating-budget.html). Elements of a Budget are Direct
Accounting I
April 29, 2011
In this paper I will analyze Operating Budgets and the impact it plays in a Company’s day to day operations’. I will also briefly discuss the elements that go into a budget are constructed as well as the variances in budgets. Accounting principles and practices are a very important as it relates to everyday life. The term "generally accepted accounting principles (GAAP) is the Americanized term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards (http://en.wikipedia.org/wiki/). Information Systems (Accounting information systems) combine the study and practice of accounting with the design, implementation, and monitoring of information systems. (http://accounting information-systems/function. Open). Such systems use modern information technology resources together with traditional accounting controls and methods to provide users the financial information necessary to manage and budget their organizations (http://www.solutionmatrix.com/operating-budget.html). Generally, a budget covering operating expenses, for normal operations.
Operating expenses can be budgeted (planned for) and accounted for on a monthly, quarterly, and/or annual basis. Operating budgets are usually fixed through a process different from that used on capital budgets (in some companies, all management above a certain level participate in the process ( www.solutionmatrix.com/operating-budget.html ).Operating budgets, once fixed, are usually not changed during the period—except maybe for emergency reductions following unexpectedly poor sales results or other disasters. Operating budgets generally cover predictable, repeatable costs; items bought under an "expense budget" (as opposed to a capital budget) are not registered as capital assets and are not depreciated. (http://www.solutionmatrix.com/operating-budget.html). Elements of a Budget are Direct
References: Retrieved March 8, 2010 http://www.allthingsfrugal.com/q.budget.htm Retrieved March 8, 2010 http://www.provost.umich.edu/budgeting/budget_2009-2010.html Retrieved March 8, 2010 http://www.solutionmatrix.com/operating-budget.html Retrieved March 5, 2010 http://www.answers.com/topic/budget-variance Retrieved March 5, 2010 http://www.research.ucla.edu/ocga/sr2/Basicelm.htm Retrieved March 6, 2010 http://www.zalevconsulting.com/glossno.html Retrieved March 7, 2010 http://www.axarsystems.com/webbaseTraining.asp Retrieved March 8, 2010 http://e-articles.info/e/a/title/The-steps-of-the-accounting-cycle-and-computerized-accounting-systems Retrieved March 7, 2010-