BUDGET According to CIMA ‚ Official Terminology “A budget is a financial and /or quantitative prepared prior to a defined period of time ‚ of the policy to be pursued during that period for the purpose of attaining a given objective.” In the words of Crown and Howard ‚ “ A budget is a pre- determined statement of management policy during a given period which provides a standard for comparison with the results actually achieved.” BUDGETRY CONTROL Budgetary control is the process of determining
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Task 1 legislation Human Rights Act Human rights are rights and freedoms that belong to all individuals regardless of their nationality and citizenship. They are also important in maintaining a fair and civilized society. The European Convention on Human Rights (ECHR) was drafted by the nations of the Council of Europe (including the UK) in the aftermath of World War II. In October 2000‚ The Human Rights Act came into effect in the UK. This meant that people in the UK can defend their rights in
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Question: Budget acts as planning and monitoring tools. Critically evaluate. A budget is a financial plan for the future concerning the revenues and costs of a business. However‚ a budget is about much more than just financial numbers. Without a budget‚ the business owner is literally shooting in the dark when it comes to trying to plan expenditures for the business and match them to sales revenue. Budget is not only a plan of action for a business; it is also a tool for monitoring performance
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I have chosen one of my tasks I performed in my portfolio because I believe that it is very important. The task I do is to file folders‚ get folders for the next day‚ and look at what’s written for my future benefit. The reason why it’s important to do this is because it’s all the clients information stored in. If I misplaced it or lose it‚ the dentist or hygienists won’t recall what they did to the patient last time they had visited. Not only that my supervisor would get anger at me‚ the client
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their operations into cost or profit centers. It is a management and strategic decision for companies to decide which divisions should be cost centers and which ones should be profit centers. . A cost center may actually provide services that could generate a profit if they were offered on the open market. But in most corporate environments‚ cost centers are not expected to generate a profit and operation costs are treated as overhead. Departments that are typically cost centers include information
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A budget is a plan. Budgeting is generally formalized written documents. Budgeting is the process of developing a plan‚ implementing it and attempting to control outcomes so that they confirm to or exceed the result called for by the plan. Budgeting is an element of cost accounting‚ because mush of planning related to cost the organization expects to incur. 1.1 IMPORTANCE OF BUDGETS Budgeting is important process in organization. A budget process that works
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Assignment 026 Task A Section 5 An explanation of the processes used by own work setting or service that must comply with legislation that covers data protection‚ information handling and sharing. The data protection act 1998 places responsibilities on organisations such as the setting I work in to be responsible when it comes to protecting the data of others‚ handling and sharing personal information. We have a confidentiality policy and procedure that complies with the data protection
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1. Budgeting - An Introduction A budget is a plan that outlines an organizations financial or operational goals. It is an action plan. It helps a business allocate resources‚ evaluate performance‚ and formulate plans. Understanding the importance of budgeting is the first step in successful financial planning. This tutorial introduces budgeting and the 5 most commonly used methods of budgeting 2. Preparing & Controlling a Budget Budgeting is potentially a managers most valuable planning and
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Crowdsourcing A popular way to outsource tasks which are originally been achieved by internal worker to unknown‚ large and external crowds. Jeff Howe‚ who first creates the word‚ states that “Ceowdsourcing is an open call to an undefined group of people‚ it gathers those who are most fit to perform tasks‚ complex problems and contribute with the most relevant and fresh ideas to benefits from their inputs.” (Wikipedia) It is a new labor relationship which becomes popular in business by the spreading
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Radioisotopes allow treatment and diagnosis of medical illnesses without the cost and trauma of open surgery (which carries risks like infection‚ accidents‚ and long recovery periods). The use of Tc-99m produces hot-spot images‚ which reveal early signs of disease and map how organs are functioning. The low energy gamma radiation it emits‚ the small dose in which it’s injected and it a short half-life (6hours)‚ minimises damage to tissues. The patient’s total exposure to radiation is less than in
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