Budget Definition: An estimate of costs‚ revenues‚ and resources over a specified period‚ reflecting a reading of future financial conditions and goals. One of the most important administrative tools‚ a budget serves also as a (1) plan of action for achieving quantified objectives‚ (2) standard for measuring performance‚ and (3) device for coping with foreseeable adverse situation. What is a budget and why is it important? Simply put‚ a budget is an itemized summary of likely income and expenses
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developing a comprehensive annual budget‚ spending heavily for specialty software‚ staff overtime and temporary help for data entry. Perhaps even more costly (but less quantifiable) are the countless hours that senior managers‚ accountants‚ financial analysts and department managers spend to prepare‚ revise and consolidate budgets. • We spend more time creating a budget than analyzing it. • The budget bears little or no relation to our underlying business plan. • After the budget is approved‚ no one looks
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Cultural Perspectives CCM International Journal of 2003 Vol 3(1): 121–144 Cross Cultural Management ‘To Adapt or Not to Adapt’ Exploring the Role of National Culture in HRM – A Study of Pakistan Shaista E. Khilji Carleton University‚ Ontario‚ Canada This study draws out evidence from 11 organizations‚ local as well as multinationals‚ in Pakistan to test the ‘culture-sensitive’ view. A number of conclusions are drawn. First‚ the findings support this view; evidence shows
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DATE : November 9‚ 2012 ATTENTION : MS. AURORA O. ALGODON President/CEO MAHARLIKA TRIBE MONARCH FOUNDATION‚ INC. Carmen‚ Davao City RE : Interim Memorandum of Agreement of Proposed Budget for Radio‚ Newspaper and TV FROM : MR. JOSEPH T. LAGUA Founding Chairman People’s Network and Media Communications ------------------------------------------------- (PNMC) I. COMPANY: Our entity‚ People’s Network and Media Communications (PNMC) is a media organization that
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Capital budgeting is a step by step process that businesses use to determine the merits of an investment project. The decision of whether to accept or deny an investment project as part of a company’s growth initiatives‚ involves determining the investment rate of return that such a project will generate. However‚ what rate of return is deemed acceptable or unacceptable is influenced by other factors that are specific to the company as well as the project. For example‚ a social or charitable project
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The Union Budget was released yesterday. Here are the highlights. * Tax slab on personal income remains unchanged * Income tax exemption limit raised by Rs 50‚000 to Rs 2.5 lakh and for senior citizens to Rs 3 lakh * Exemption limit for investment in financial instruments under 80C raised to Rs 1.5 lakh from Rs 1 lakh. * Investment limit in PPF raised to Rs 1.5 lakh from Rs 1 lakh * Deduction limit on interest on loan for self-occupied house raised to Rs 2 lakh from Rs 1.5 lakh. * Kisan Vikas Patra
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Tri-Cities Community Bank – A Balanced Scorecard Case By Tom Albright‚ Stan Davis‚ and Aleecia Hibbets Case A. Balanced Scorecard Development Tri-Cities Community Bank (TCCB) is located in the Midwest US and has a total of 10 branches grouped into two divisions‚ the southern division (SD) and the northern division (ND). Each division consists of five branches; each branch employs a branch president‚ branch vice-president/chief loan officer‚ customer service representatives‚ loan
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Definition of Budget It is an estimation of the revenue and expenses over a specified future period of time. It can help to create a system when someone wants to open a shop or start investments. A budget can be made for a person‚ family‚ group of people‚ business‚ government or anything else that makes and speaks money. It can also help to establish a planned level of expenditures and it can help to maintain a budget for a company either on an accrual or a cash basis. Structured planning can
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GUESS WHO JEANS STATIC BUDGET VARIANCE FOR THE MONTH JUST ENDED Income Statement line-item Budgeted amount per unit Static Budget (A) 10‚000 units Actual Results (B) 16‚000 units Static Budget Variance (A) – (B) Revenue Variable costs: Materials Labor Overhead Total Contribution margin Fixed costs: Manufacturing Overhead Marketing costs Total fixed costs Operating
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Master Budget Master Budget Definition The master budget is the aggregation of all lower-level budgets produced by a company’s various functional areas‚ and also includes budgeted financial statements‚ a cash forecast‚ and a financing plan. The master budget is typically presented in either a monthly or quarterly format‚ and usually covers a company’s entire fiscal year. An explanatory text may be included with the master budget‚ which explains the company’s strategic direction‚ how the master
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