BUGETARY CONTROL MEANING AND NEED FOR BUDGET A budget is prepared to have effective utilisation of funds and for the realisation of objectives as efficiently as possible. Budgeting is a powerful tool to the management for performing its functions efficiently. The Chartered Institute of Management Accountants‚ ENGLAND defines budget as under‚ A plan quantified in monetary terms prepared and approved prior to a defined period of time usually
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CONTROL OF BUSINESS Historical Perspective on Public control of Business GOVERNMENT ROLE IN BUSINESS: Most businesses need to register with a state government to operate. The government’s role in business includes protecting the consumer or customer. When a vendor fails to honor the guarantee‚ the purchaser has recourse in the law. Likewise‚ when a product causes harm to an individual‚ the courts may hold the vendor or manufacturer responsible. Labeling is another requirement the government imposes
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Demographic profile of respondents Table 1 Demographic profile of respondents Sex (n=45) Age (n=45) Education (n=45) Male 51.1% Female 48.9% 60 years 6.7% Uneducated 4.4% Primary‚ middle‚ high school graduate 6.7% Collage graduate 13.3% University graduate 53.3% Advanced degree 22.2% Monthly income (n=45) Length of Beijing (n=45) 10001 6.7% >50000 2.2% 10 years 8.9% >20 years 37.8% N stand for number
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various pieces of their companies’ financial information. Internal control is broadly defined as the procedures and processes used by a company to safeguard its assets‚ process information accurately‚ and ensure compliance with laws and regulations. What is accounting? Accounting is the process of measuring and recording the financial value of the assets and liabilities of a business and monitoring these values as they change with the passage of time. In accounting‚ internal control plays an important
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Investment Policy‚ Standards and Procedures‚ to encompass both the Guardians ethical investment and voting requirements‚ with regards to the New Zealand Superannuation Fund (Fund). The Responsible Investment Policy‚ Standards and Procedures clarified how specific responsible investment issues‚ such as tobacco‚ would be considered in a manner that is consistent with the Guardians mandate. This is highlighted in the guidelines section 1.3 of the policy: The Guardians consider responsible investment (RI)
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Control 1.1 As a manager‚ I would need to consider the three major control types to use. Based on timing‚ Feedforward‚ concurrent and feedback are the main types of control. • Feedforward control - To maintain adequate control over manufacturing‚ it is very important to ensure that all the inputs of microchips‚ like raw silicon‚ are used in regulation and all the standards required by the computer manufacturer are met. This will bring out satisfactory outputs from the whole manufacturing process
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procedure before it is enacted. Option 2 describes which approach to bureaucratic control? → | Feedback | | Feedforward | | Concurrent | | Market | | Clan | Feedback control focuses on the use of information about results to correct deviations from the acceptable standard after they arise. When managers point out and correct improper performance‚ like in Option 2‚ they are using feedback as a means of control. | (1) | 2. | At the restaurant where your friend works‚ the manager has
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Give examples and lucid explanation of the various types of control that can be used by a manager. Managers can implement controls before‚ during or after an activity has been completed. The first type of control is called feedforward control; the second‚ concurrent control; and the last feedback control. Feedforward control Feedforward control anticipates problems. It is the most desirable type of control due to the fact that it actually prevents the problem as it takes place before the activity
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Control Charts Control charts‚ also known as Shewhart charts are tools used to determine if a manufacturing or business process is in a state of statistical control. The control chart was invented by Walter A. Shewhart‚ (also known as the father of statistical quality control) while working for Bell Labs in the 1920s. The company’s engineers were seeking to improve the reliability of their telephony transmission systems. The engineers had realized the importance of reducing variation in a manufacturing
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consequences. A several examples of government interventions are taxation‚ price control‚ and subsidizing. Tax is an amount of money placed on goods and services. Government makes a revenue by collecting money from the supplier‚ and the supplier collects it from the consumers (4). It is maybe the most direct government intervention consumers can feel since we pay tax for virtually all products we purchase. Price control happens when government sets a ceiling for a price of goods and services. Governments
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