Budgeting with particular emphasis on Public Sector/Service Budgets Moolchand Raghunandan (Lecturer in Accounting) Narendra Ramgulam (M.Sc. Student) Koshina Raghunandan-Mohammed (Assistant Lecturer in Accounting) With significant contributions from: Donna Fyfe/Balraj Kistow/Inshan Allaham/Raul K. Raghunandan M.Sc. Students Department of Management Studies The University of the West Indies St. Augustine Campus Abstract Budgets are part of management control designed to promote the
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Boston Retails case Tutorial 5: Topic 4 (Budgeting) Week5 Master Budgets (Ch.11) Mt. Dandenong Bikes Group assessment task 2 Q&A Group Task 1 written Poster (10%) due in week 5’s class Tutorial 6 & 7: Topic 4 (Budgeting Cont.) Week 6&7 Cash Budgets (Ch.11) Mt. Dandenong Bikes cont. 11.1; 11.9; 11.10; 11.12; 11.5; 11.7; 11.14; Spreadsheet Task 11.24 (wrap up of master/cash budgets) Management Accounting and Business Textbook/Reading Reference Lecture
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improving the budgeting process and primarily focuses on the planning problems with budgeting. The other advocates abandoning the budget and primarily focuses on the performance evaluation problems with budgeting. This paper provides an overview and research perspective on these two recent developments. We discuss why practitioners have become dissatisfied with budgets‚ describe the two distinct approaches‚ place them in a research context‚ suggest insights that may aid the practitioners‚ and use
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Quiz 2 Answers (10 POINTS) Question 1 (2 points) The Hansen Company has 3 product lines of tires - X‚ Y‚ and Z with contribution margins of $3‚ $5‚ and $7 respectively. Management expects a sales mix as follows: 90‚000 units of tire X‚ 60‚000 units of tire Y‚ and 50‚000 tires of Z in September 2009. Hansen’s fixed costs are expected to be $552‚000 for the same month. 1. Determine the breakeven point in units for X‚ Y‚ and Z respectively 2. Determine the operating income at a total sales level
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various budgets to achieve these objectives. b. the steps taken to ensure that objectives set down by management are attained. c. the steps taken to ensure that all parts of the organization function in a manner consistent with organizational policies. d. comparing budgeted and actual results and taking steps to remedy unacceptable variations. 2. Self-imposed budgets typically are
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While it is a good idea to have some cash saved for a rainy day having too much can be a negative for a business. For example extra cash can be used for expansion or investments‚ which in turn may generate for profit for the business. 3.26 Sales Budget Oct Nov Dec Quarter Budgeted unit sales 45 000 35 000 40 000 120 000 Selling price per unit x $6 x $6 x $6 x $6 Budgeted total sales revenue $270 000 $210 000 $240 000 $720 000 Expected cash collections: From Sept.a credit sales $120 000
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My philosophy of healthcare management budgeting would be to use budgeting as a planning and controlling tool (Liebler & McConnell‚ 2012). Since a budget is‚ “a single use plan that covers a specific period of time” (Liebler & McConnell‚ 2012); it would be beneficial to use the budget for future or continuing plans as well as a way to control future expenses. For instance‚ if an organization were making a plan they would need to look at previous expenditures to determine how much is available to
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THE IMPACT OF THE BUDGETING PROCESS ON PERFORMANCE IN SMALL AND MEDIUM-SIZED FIRMS IN CHINA Yang Qi THE IMPACT OF THE BUDGETING PROCESS ON PERFORMANCE IN SMALL AND MEDIUM-SIZED FIRMS IN CHINA 杨齐 Yang Qi Graduation Committee: Prof. dr. P. J. J. M. van Loon (chairman) University of Twente Prof. dr. P. B. Boorsma (promotor) University of Twente Dr. P. A. T. M. Geurts (assistant promotor) University of Twente Prof. dr. N. P. Mol University of Twente Prof. dr. M. R. Kabir University
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Chapter 10 Strategy and the Master Budget Cases 10-1 Emerson Electric Company © Joseph San Miguel‚ reprinted with permission. 10-2 LetsGo Travel Trailers (Source: “LetsGo Travel Trailers: A Case for Incorporating the New Model of the Organization into the Teaching of Budgeting‚” by Sally Wright‚ Cases from Management Accounting Practice‚ Vol. 14‚ Montvale‚ NJ: Institute of Management Accountants‚ 1998). Note that part 2 of this case requires the use of Excel. 10-3 Building
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corporate level‚ which operates on a cost centre basis. Different approaches toin the budget process for the divisions and the Aadministrative Sstaff Ooffices Responsibilities of the Aadministrative Sstaff Ooffices; Top management advice Advice to operating divisions and other staff offices. Operating divisions are free to accept or reject the advice; however‚ they rarely ignore it. Coordination among the divisions Budget of the administrative staff The Bbudgeting Ddepartment issues instructions and
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