Budget Definition: An estimate of costs‚ revenues‚ and resources over a specified period‚ reflecting a reading of future financial conditions and goals. One of the most important administrative tools‚ a budget serves also as a (1) plan of action for achieving quantified objectives‚ (2) standard for measuring performance‚ and (3) device for coping with foreseeable adverse situation. What is a budget and why is it important? Simply put‚ a budget is an itemized summary of likely income and expenses
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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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Comprehensive Annual Financial Report Briefing Not- For- Profit &Government Accounting Comprehensive Annual Financial Report Briefing The Village of Tinley Park‚ is located in Cook County‚ Illinois‚ was entered in 1892 under the provisions of the constitution and general statutes of Illinois. The Village operates under government of the trustee-village and provides many services including planning‚ public safety‚ zoning‚ roads‚ and general administrative services (Tinley Park‚ 2009)
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able to: • Identify the main elements of financial management and assess whether the financial management in their station is adequate • Identify the financial policies needed in a radio station • Develop a budget • Do a cash flow projection • Develop and interpret a variance report Activity 1.: Problems with managing finances What are the main problems that your station has with managing money? What do you want to learn about managing money? What is financial management?
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(2004): Public Finance Management and Utilization Project- Report on strategies and Mechanisms of an effective system of public finances management in Zambia. 2. Gumboh Steven‚ (2004): MTEF Manual for Central Government: Zambia. 3. Mudenda Dale‚ (2005). The budgeting Processes and Economic Governance in Zambia: A Literature Review. 4. Bolnick Bruce‚ (1995): Establishing Fiscal Discipline: the Cash budget in Zambia. 5. Dinh Hinh‚ (2000) Cash Budget in Zambia: Stabilizations versus Growth and Poverty Reduction
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MBA 503: Managerial Accounting Assignment 5.1: Problem‚ Chapter 8 & 9 Jones International University 2 Chapter 8: 1‚ 9‚ 15‚ 18 Q1: What is the difference between a static budget and flexible budget? When is each used? Q9: Minnie Divers‚ the manager of the marketing department for one of the industry’s leading retail businesses‚ has been notified by the accounting department that her department experienced an unfavourable sales
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operating procedures and systems after the acquisition New personnel from Marco were deployed to observe how well the existing procedures functioned 2004 Budget – Based on estimated Sales and Production cost Due to no seasonal fluctuations‚ monthly budget is 1/12th of Annual budget. No adjustments made to May budget when the contract was lost in April No beginning and ending inventories in Work in progress or Finished goods. Per unit standard cost used in budgeting for
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is concerned with providing information to manager for those are inside an organization and who direct and control its operations. Managerial accounting its differences between the financial accounting because it concerned with preparing financial reports and releasing information to the general public. Managerial accounting focuses on three business issues which are allocating the cost of goods or services‚ cash management or budgeting and financial forecasts. Managerial accounting uses cost allocation
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The management of Brockly’s Clothing and Design Store said that female jeans trousers are their main seller. They do not understand the principles of breakeven analysis and are not sure at what point they are able to register a profit. Your manger has asked you to explain how useful breakeven analysis can be in assisting the organisation in determining the best output. Task 5 – this task must be completed in a supervised classroom you are not allowed to liaise with your colleagues. However
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Case 4-1 Vershire Company In 1996‚ Vershire Company was a diversified packaging company with several major divisions‚ including the Aluminum Can Division- one of the largest manufacturers of Aluminum beverage cans in the United States. The Aluminum Can division‘ s growth in sales slightly outpaced sales growth in the industry at large. The division had plants scattered throughout the United States. Each plant served customers in its own geographic region‚ often producing several sizes of cans
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