work relevant to his/her field of study and make recommendations for possible solution in partial fulfilment for the award of Higher National Diploma. It is in accordance with this that the researcher has chosen to conduct a research on the topic: Budgeting in processing industries with West African Mills Company as a case study. 1.1 BACKGROUND OF THE STUDY A frequent asked question in formulating the corporate plan is “where do we see ourselves in ten years time”? To answer this successfully the
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Three revenue sources in public budgeting Property Tax: Property tax can be defined as a levy that the government issues on a person’s property. The value assessed to the property is taxed. Revenue of local governments like cities and counties are derived from property taxes. The revenue is used for administration in government and expenses concerning law enforcement‚ paramedics etc.; and also to fund courts in local governments and helps for the payment of services which include civic centers
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Capital Budgeting Techniques (Summary) | | Decision Rule | | | | |Method |Independent |Mutually Exclusive |Formula ffffffffffffffffffffffffffffffffffff |Advantagesffffffffff |Disadvantagesfffffffff | |Average Accounting Return|Accept the project if the|Choose the project
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After reviewing the three college budgeting scenarios I think Anthony can afford to attend college because his net income is looking good and he can afford they money to pay for his tuition /fees without any problems. More to that combining his income with his wife they make a lot of money that can help him in school and still take care of his family. Unlike Isabel she can’t really afford money to pay for her tuition/fees because her of her saturation her being an undocumented immigrant and working
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CHAPTER 1 THE PROBLEM AND ITS BACKGROUND Introduction Budgeting is the cornerstone of the management control process in nearly all organizations including government agencies. Practitioners express concerns about using budgets for planning and performance evaluation. The practitioners argue that budgets impede the allocation of organizational resources to their best uses and encourage myopic decision making and other dysfunctional budget games. They attribute these problems‚ in part‚ to traditional
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What are the primary strengths and weakness of the current system? How should the performance of such a system be evaluated? The capital budgeting system at Stryker Corporation made use of formalized CER forms by which individual divisions within Stryker documented the goals for revenue‚ operating profit and cash flow across in a way that were deliverable and consistent with global corporate targets. The CER system is a rigorous one requiring thorough documentation before the divisions obtain
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of budgeting. “The most ineffective practice in management‚ It sucks the energy‚ time‚ fun and big dreams out of an organisation. In fact when companies win‚ in most cases it 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
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limitation of traditional budgeting system is that it focuses primarily on expenses‚ paying little attention to the results obtained as a result of the expenses incurred. Thus in the above example‚ the marketing manager may fail to cash on an opportunity to sell more by increasing the travelling of his sales-persons because that will lead to the travel expenditure exceeding the budget. The emphasis on input cost to the inclusion of the consideration of results obtained makes budgeting quite meaningless
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Bibliography: Lucey T. (1996) Management Accounting 4th edition‚ D.P Publishers Mwisho A.M‚ (2002) Financial Planning and Forecasting‚ Mzumbe University‚ Morogoro‚ Tanzania. Glenn A.W (1964) Budgeting; Profit planning and Control‚ Prentice-Hall Inc‚ Englewood Cliffs New Jersey. Harlod C. Edey (1964) Business Budgets and Accounts‚ Hutchinson and company Ltd. Brown J.L & Owler L.W.J (1975) Cost Accounting‚ Replica Press‚ Pvt Ltd England. Drury C
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and disadvantages of budgeting and whether not it is still relevant in today’s environment. It will also look at the alternatives to budgeting such as “better budgeting” which is improvements on the current approach and “beyond budgeting” which is a radical new idea that totally disregards the concept of budgeting. Budgeting ’ ’ Pros & Cons A budget is a plan of action for the coming year expressed in financial terms. (www.ci.berkeley.ca.us) Even though budgeting is criticised and businesses
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