A budget can be defined as an itemized listing of the amount of all estimated revenue or income which the school anticipates receiving‚ along with a listing of the amount of all estimated costs and expenses that will be incurred during a given period of time (Wango Geoffrey‚ 2009:211). A school budget can be defined as a document or statement outlining a school’s revenue (income) projections against expenditure. A school budget can also be defined as a financial plan of funds that a school expects
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Budget management analysis is commonly used by mangers as a tool helping to make sure that all resources in existence get put to use correctly. The budgets are determined annually because they are determined by the preceding year’s budget and differences. Budgets can be controlled by specific techniques to control budgets within prediction‚ consider five to seven expense results with budget anticipations‚ explain possible factors that cause fluctuations‚ present ways to keep results associated with
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Budget Interpretation Budgets help to bring spending under control and lead the way for the development of plans that enable an organization to become or remain fiscally sound. For an organization to develop or maintain financial stability‚ it must understand the purpose of budgeting and how to apply the various budgeting techniques that will help promote and expand the business. Budgeting requires organizations to use financial projections to attract investors and secure grants or donations‚ which
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Introduction What Is A Budget? "A budget is a plan." More specifically‚ a budget is a plan of action matched by resources required to implement the plan. Budgets generally divide between two broad categories: the operating budget‚ sometimes known as the "expense" budget and the capital budget. Budget in simple word means a sum of money allocated for a particular purpose. Budget is there in everyone’s life‚ it may be a small or a big one. Budget is a tool which helps in controlling and planning the
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What is a static budget? A static budget is a budget that does not change as volume changes. If a company’s annual master budget is a static budget‚ the budget for sales commissions expense will be one amount such as $200‚000 for the year. In other words‚ in a static budget the budgeted amount for sales commissions expense will remain at $200‚000 even if the actual sales during the year are $3 million‚ $4 million or $5 million. In contrast to a company’s static master budget‚ the company’s sales
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Administration Process SEC/370 Michael Scott University of Phoenix Operating Budgets Paper Budgets are systematic plans that organizations use to manage objectives and goals. They are important documents that bring out important aspects of the organization and provide information to direct that organizations activities (Johnson‚ 2005). They are basic planning tools that help managers make decisions within the organization. Budgets vary in different organizations by type and size. They are routine and
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Budget Management Analysis Budget Management Analysis A budget is a tool that helps managers to ensure that the required resources are obtained and used effectively and efficiently as the organization moves towards achievement of its objectives. A budget is stated in terms of money and is usually made for one year depending either on the prior year’s budget or on existing programs (Cleverly & Cameron‚ 2007‚ p. 330). Creating a working budget is a very difficult undertaking‚ and for the budget
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HST Ltd manufactures French fries from Russet potatoes. These are sold to local restaurants. The company manufactures French fries using a single production line that runs eight hours per day. The potatoes are purchased and stored in suitable warehouses from which they are distributed on a first-in first-out (FFO) basis. The production of French fries involves a number of processes. They are: cleaning‚ sorting‚ peeling‚ manual inspection‚ cutting‚ machine inspection‚ blanching‚ drying‚ frying‚ draining
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The Budget Analysis Why do we use budgets? Well‚ as individuals if we did not use budgets then we would not have enough money to spend it on the things we love to do. Therefore‚ there is no difference in the business world; a budget is a plan that helps organizations achieve their financial and strategic goals (Nobles‚ Mattison‚ & Matsumura‚ 2014‚ p. 1316). However‚ a budget is not all about crunching numbers together; it is a process that will be discussed in detail that addresses the potential
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departments operating budgets when the rate of actual calls for structured fires are on the decline. Post 9/11 the federal government set aside millions of dollars in grant money for apparatus equipment and training supplementing operational costs of fire departments across America. With the depletion of those federal monies‚ local governments are scrutinizing their budgets overall in attempts to cut corners and keep the cost within reason. Even though all aspects of municipal budgets succumb to scrutiny
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