income Statement for 5 years 3 Sales budget for 5 years 3 Purchase budget 3 Wages Budget 3 Other expenses 3 Net Present Value Statement 3 Recommendation 3 Personal Learning Experience 3 Background of chosen business For the purpose of investment appraisal assignment we have chosen a fancy furniture business in which we have selected three items which we are going to sell in our business. As UK is the market where people use to decorate their home by antiques and fancy products our
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inspiration throughout my project‚ their support is deeply acknowledged. I long for more of such opportunities in the future to share information with our classmates and friends. CONTENT Sr. No. 1 2 3 4 5 6 7 8 PARTICULARS Budget and Budgetary Control Zero Base Budgets
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Section 1 Accounts & Finance Sub Section 3.4 Budgeting Budget refers to a financial plan of expected revenue and expenditure for an organisation or a department for a given period of time usually on a monthly‚ quarterly or annual basis. Budget holder refers to a person‚ usually a middle or senior manager‚ placed in charge of a budget‚ who is responsible and accountable for all revenue & expenditure within allocated budget. Budgetary control refers to the use of corrective measures taken to ensure
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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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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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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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