Field Research Paper For this research paper‚ I chose to use the City of Miami Beach budget as an example. The annual Citywide Work Plan and budget serve as guides for how the City plans to address community priorities in each fiscal year. The Citywide work plan contains initiatives to support the Key Intended Outcomes (KIOs) in the City’s Strategic Plan. The Work Plan initiatives are updated annually based on the latest survey results‚ socioeconomic trends‚ and department workload and performance
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of budgets‚ which‚ when brought through‚ from an integrated business plan known as master budget. The master budget is an essential management tool that communicates management’s plan throughout the organization‚ allocates resources‚ and coordinates activities. Budgeting: A budget is a detailed plan for acquiring and using financial and other resources over a specified period of time. It represents a plan for the future expressed in formal quantitative terms. The act of preparing a budget is called
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TOWN OF BELLINGTON Exhibit 1. Performance Budget – Snow Removal Department October-December Static Budget Flexible Budget Actual Performance Difference between static budget and actual performance Difference between flexible budget and actual performance Snow days 10 12 12 (2) -- Cubic miles of snow 1‚250 1‚500 1‚500 (250) -- Costs Drivers $18‚000 $21‚600 $24‚675 $(6‚675) $(3‚075) Supplies 1‚125 1‚350 1‚875 (750) (525) Fuel 1‚750 2‚100 2‚500 (750) (400) Maintenance 1‚375 1‚650 2‚200
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04-09 Budgetary process 04 Zero based budget 05 Memorandum 07 Financial control 09 Conclusion 10 Bibliography 11 Appendix 12 .Introduction This report is analysing University of West London’s new budgetary process for 2012 Main body Budgetary process When preparing the budget in UWL‚ it is useful for reconciling the conflicts between the components
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Managerial Accounting: Case 9-30 Earring Unlimited (Master Budget with Supporting Schedules) Chapter 9 Case 9-30 Master Budget with Supporting Schedules You have just been hired as a new management trainee by Earrings Unlimited‚ a distributor of earrings to various retail outlets located in shopping malls across the country. In the past‚ the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting
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commission should be based on a percentage of the profits generated by their sales as an incentive for the sales force to sell more high-profit items. 9.8 The flexible budget and master budget serve two different purposes. The master budget is a planning device‚ while the flexible budget is a control device. The master budget is the benchmark‚ or goal‚ based on all the information available at the time of preparation. It gives the profit goal for the 9.8 continued. upcoming
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divisional managers are allowed to give their input regarding the budget‚ which enhances the quality of the budget since divisional managers have a more realistic outlook on what sales will be for the coming year. * During the visit of the corporate controllers‚ plant managers have the opportunity to explain their situation and discuss in detail specifics that affect their plants. This will allow for a more accurate and complete budget to be produced. Weaknesses of the planning system: * The
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accounting system and when you try something like this you will always run into some problems‚ but Robert is creating a culture of resentment. Robert Ferguson is using a static planning budget to analyze the performance of each department. Garrison‚ Noreen & Brewer (2012) define a planning budget as a budget “prepared before the period begins and is valid for only the planned level of activity (p.385)” Robert is using a budgeted level of activity and comparing it to the actual level of activity
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References: 1. Ahmad Nik Nazli Nik‚ Sulaiman Maliah‚ Alwi Norhayati Mohamed (2003)‚ “Are budgets useful? A survey of Malaysian companies”‚ Managerial Auditing Journal‚ Bradford‚ 18(2003)‚ 9‚ pp. 717-724. 8. Hansen Stephen C.‚ Otley David T.‚ Van der Stede Wim A.‚(2003)‚ “Practice Developments in Budgeting: An Overview and Research Perspective”
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A1. During the evaluation of Competition Bike’s budget schedule a few areas of concerns were identified within the budgeting and proformas. The first area of concern within budget was advertising. The advertising was budgeted for $28‚412; they may want to consider increasing their marketing to reach a wider audience to boost sales. In year 6 the advertising was $23‚820‚ then increased year 7 $32‚760‚ and year in 8 decreased to $27‚428. They need to increase their exposure within the bike market
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