5 SALES BUDGETING:- Meaning of Sales Budget Sales Budget reflects the targeted sales revenue. Sales Expense budget shows the expenses necessary to reach the targeted sales revenue. Through these two statements sales management can reconcile these revenues & expenses with the firm’s objectives. Thus‚ sales budgeting is concerned with improving selling efficiency & reducing the selling costs. More specifically‚ Sales Budget is a detailed program developed for a specified period
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BUDGETING IN THE PHILIPPINES * BUDGET PRINCIPLES The term “budget” may be traced back to the Latin word “bulga”‚ which literally means bag or purse. Some scholars however seem to favor its deviations from the middle English “bouget”‚ meaning bag or wallet. It applied to the leather bag carried by the Chancellor of the Exchequer to parliament and contained the documents explaining the needs and resources of the country. As government changed and developed‚ the “budget” took on a much broader meaning
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Budgetary Control Techniques The word ‘budget’ is derived from a French word “Bougettee”. The meaning of this word is a leather pouch in which funds are appropriated for meeting anticipated expenses. A budget is a recorded plan of action expressed in quantitative terms. Budgetary control is derived from the concept and use of budgets. According to George R. Terry‚ “Budgetary” control is a process of comparing the actual results with the corresponding budget data in order to approve accomplishments
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Advantages and Disadvantages of Participative Budgeting Participative Budgeting is the situation in which budgets are designed and set after input from subordinate managers‚ instead of merely being imposed. The idea behind this sort of budgeting is to assign responsibility to subordinate managers and place a form of personal ownership on the final budget. Nearly two decades of management accounting research has resulted in equivocal findings on the consequences and effects of participative budgeting
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Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 8849 2259 F. +44 (0)20 8849 2468 E. tis@cimaglobal.com www.cimaglobal.com 2 Topic Gateway Series Budgeting Budgeting Definition and concept A budget is: ’A quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues‚ resource quantities‚ costs and expenses‚ assets‚ liabilities and cash flows.’ CIMA Official Terminology‚ 2005 Budgeting
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is despite their budgets‚ not because of them.” Financial managers are now expressing this universal view and are realising that it is an ineffective and unproductive approach to be using‚ therefore a new approach needs to be found that is not out-dates. Better budgeting and beyond budgeting are two alternative budgeting techniques which appear to be superior over traditional budgeting with its clear limitations and downfalls that effect the organisation. Traditional budgets are very detailed
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governmental entity‚ the budget represents the legal authority to spend money. Adoption of a budget implies that a set of decisions has been made that culminates matching resources with needs. As such‚ the budget is a product of the planning process. The budget also provides an important tool for the control and evaluation of sources and the uses of resources. Using the accounting system to enact the will of the governing body‚ administrators are able
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BUDGETING AND BUDGETARY CONTROL . Budget A plan quantified in monetary terms and approved prior to a defined period of time‚ usually showing planned income to be generated and for expenditure to be incurred during that period‚ to attain a given objective. The preparation of budgets is not something that can be carried out by accountants alone. It requires the participation of many managers and other personnel to ensure that the plans for the forthcoming period are translated
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as possible. CBM generates reports for its clients by 15th of each month. It looks up all the monthly reports from previous years and after processing the claims and other information‚ generates monthly reports. It advises its clients on their budget plan based on the client history‚ health of its employees and expenditure capacity. CURRENT SCENARIO Currently‚ the finance team has to collect and process vast information coming from internal and external sources. This information has to be manually
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http://vi.wikipedia.org/wiki/T%E1%BA%ADp_%C4%91o%C3%A0n_Samsung Task 3: 3.1 Financial planning process 3.2 Factors influencing the decision-making process such as cash and working capital management‚ budgetary planning and the types of budgets that the company can use * Cash and working capital management: Working capital management is a managerial accounting strategy focusing on maintaining efficient levels of both components of working capital‚ current assets and current liabilities
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