than expected in the budget‚ or * Revenue/profits were higher than expected By contrast‚ an adverse variance might arise because: * Costs were higher than expected * Revenue/profits were lower than expected What causes budget variance? There are four key reasons and it is important that good managers recognise the differences‚ because the action required is may be completely different in each case. The four reasons are: 1. Faulty Arithmetic in the Budget Figures 2. Errors in
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UNDERSTANDING INTERNAL CONTROLS A Reference Guide for Managing University Business Practices Understanding Internal Controls Table of Contents INTRODUCTION .................................................................................................................................................................1 OBJECTIVES ......................................................................................................................................................................1
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Chapter 1 Management control: an overview Introduction T his first chapter introduces management control‚ providing an overview of its fundamental objectives‚ components‚ concepts and tools. Its aim is to elucidate the general anatomy of this management approach so that the reader will be able to understand the links between the various topics that are dealt with in subsequent chapters of the book. Management control will be defined progressively. In the first section we will deliberately
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Why have marketing communications budgets been reallocated in recent years to increase expenditure on promotions and reduce spending on advertising? Discuss with reference to one example This report will examine some of the reasons why marketing communications budgets have been reallocated in recent years to increase expenditure on promotions and reduce expenditure on advertising. It will specifically examine the McDonalds Corporation in light of this growing phenomenon. An integrated
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Organizational control is the systematic process through which managers regulate organizational activities to make them consistent with expectations established in plans‚ targets and standards of performance (Kuratko‚ 2001). These organizational expectations are a collection of goals and accountabilities represented in the budget‚ which help establish performance metrics‚ document actual performances‚ allow comparison between the estimated and actual performance‚ and allow for corrective actions
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CONTROL OF BUSINESS Historical Perspective on Public control of Business GOVERNMENT ROLE IN BUSINESS: Most businesses need to register with a state government to operate. The government’s role in business includes protecting the consumer or customer. When a vendor fails to honor the guarantee‚ the purchaser has recourse in the law. Likewise‚ when a product causes harm to an individual‚ the courts may hold the vendor or manufacturer responsible. Labeling is another requirement the government imposes
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Internal Control Definition Internal control is broadly defined as a process‚ effected by an entity’s board of trustees‚ management‚ and other personnel‚ designed to provide reasonable assurance regarding the achievement of objectives in the following categories: 1. Effectiveness and efficiency of operations 2. Reliability of financial reporting 3. Compliance with applicable laws and regulations 4. Safeguarding of assets Internal control consists of five interrelated components:
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According to Budget Travel‚ “We travel not to escape life‚ but for life not to escape us.” Over the past several weeks‚ I have been so engrossed with work‚ and school. Many things have been neglected. I have worked very hard to get through this term. I was faced with so many obstacles‚ and overcame them all. As the semester comes to an end‚ I wonder if I could go on a short summer vacation anywhere‚ where would I go. First‚ I would consider a vacation that is kid friendly. I want to be able to take
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Analysis of UNION BUDGET 2015-16 Credit Analysis & Research Ltd. 1 TABLE OF CONTENTS Foreword.............................................................................................. 2 Macro Economic Backdrop................................................................ 3-5 Union Budget 2015-16.................................................................... 6-13 Railway Budget 2015-16................................................................ 14-16 Industry Allocation Sectors
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