of this module‚ participants will be able to: • Identify the main elements of financial management and assess whether the financial management in their station is adequate • Identify the financial policies needed in a radio station • Develop a budget • Do a cash flow projection • Develop and interpret a variance report Activity 1.: Problems with managing finances What are the main problems that your station has with managing money? What do you want to learn about managing money?
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SYNOPSIS ON BUDGETARY CONTROL AT RATIONALE OF THE STUDY According to the J. Betty “system which uses Budgets as means of planning and controlling all aspects of producing and/selling commodities and services” “ Budgetary control is the system of controlling costs which includes the preparation of Budgets ‚ co-coordinating the department and establishing the responsibilities‚ comparing the actual performance with the Budgeted and acting up in the results to achieve
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IMC report: Dove winning in China Intro to Advertising (MKTG1294) Nguyen Trung Kien (3425426) Group 1 In 2010 Dove faced a serious crisis in Chinese market. Dove’s sales declined rapidly‚ while its main competitor‚ Olay‚ grew. Comparing to other top five shower gel brand Dove had a tiny 2% market share. Dove was expensive and not well distributed. In addition Chinese women considered Dove to be worse then Olay. So it is rational for Dove to withdraw from Chinese market. However they decided
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PASY CORPORATION Essential facts of the case: Pasy Company was a diversified company that was well-known for manufacturing beverage cans. They use the sales budget and the manufacturing budget as tools to direct their division toward the company’s objective. After the sales budget was developed at the division level‚ it then was sent down to the plant manager to be broken down into price‚ volume and end use. The plant manager will develop their own plans with help from
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School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session‚ 2012 Lecture Materials for Classes 10 -12 Management Accounting 10. Management Accounting: Review 11. Costing Systems 12. Budgeting for Planning and Control Student Handout Lecturer: Nicole Ang Website: http://lms-blackboard.telt.unsw.edu.au/webapps/portal/frameset.jsp 1 School of Accounting ACCT 1511: Accounting and Financial Management 1B Summer Session‚ 2012 Class 10 Review of Introduction to
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Budget is the financial blueprint or action plan for a department or organization. It translates strategic plans into measurable expenditure and anticipated returns over a certain period of time. Budgets are prepared for responsibility center (may be department or activity). An individual is assigned to be responsible for that center and is answerable for matters under his control. Budgeting activities include forecasting future business results as sales volume‚ revenue‚ capital
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Case 8-28. Evaluating a Company’s Budget Procedures. 1. Identify the problems that exist in Ferguson & Sons Manufacturing Company’s budgetary control system and explain how the problems are likely to reduce the effectiveness of the system. The overall company’s strategy is not well defined by executives and communicated to the management. There is no goal other the cost reduction at total company level as well as at departmental level. Managers don’t see connection between expenses‚ revenues
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Chapter 6 Homework Solutions 6-16 Sales budget‚ service setting. 1. Rouse & Sons | 2011 Volume | At 2011Selling Prices | Expected 2012Change in Volume | Expected 2012 Volume | Radon Tests | 12‚200 | $290 | +6% | 12‚932 | Lead Tests | 16‚400 | $240 | -10% | 14‚760 | Rouse & Sons Sales Budget | For the Year Ended December 31‚ 2012 | | | | | | Selling Price | Units Sold | Total Revenues | Radon Tests | $290 | 12‚932 | $3‚750‚280 | Lead Tests | $240
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budgetary goals” (1020). Managers have an incentive to do this to give them a little more rope when dealing with the budget. By giving the budget some slack they can give themselves a little room in achieving their goals‚ rather than simply dealing with a hard number. Also‚ if managers feel that the budget that is set is unrealistic or unfair‚ they may feel discouraged and uncommitted to the budget‚ so having a little more room to work can prevent such discouragement from taking place. Weygandt‚ J.J.‚
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Competition Bikes‚ Inc. Task 2 A budget is a plan expressed quantitatively in detail. This detailed plan spells out how the company will acquire resources as well as how the resources will be allocated for a specific time. The budget is used for projecting future income and expenses. The purpose of a budget is the assist the company in providing a methodology in determining what direction to go‚ to improve efficiency‚ delegate responsibility and provide a means of controlling the finances of the
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