"Budgets" Essays and Research Papers

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budgeting E-Book Basic definations i. A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period. 1. The act of preparing a budget is called budgeting. 2. The use of budgets to control an organization’s activities is known as budgetary control. Difference between planning and control i. Planning involves developing objectives and preparing various budgets to achieve those objectives. ii. Control involves...

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meaning A budget (from old French bougette, purse) is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending.[1] A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods. In other terms, a budget is an organizational plan stated in monetary terms. In summary, the purpose of budgeting is to: 1. Provide a forecast of revenues and expenditures, that is, construct...

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Production Budget

Production Budget: Learning Objective of the article: 1. Define and explain production budget. 2. Prepare a production budget. Definition and Explanation of Production Budget: Theproduction budgetis prepared after thesales budget. Theproduction budgetlists the number of units that must be produced during each budget period to meet sales needs and to provide for the desired ending inventory. Production needs can be determined as follows.   | Budgeted sales in units------------------- ...

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budget management

Meaning and Need for Budget Everyone is familiar with the idea of a budget because it is essential in every walk of our life – national, domestic and business. 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 (i.e., formulating plans, coordinating activities and controlling operations etc.) efficiently. CIMA London defines budget as, “A plan quantified...

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Flexible Budgets

Smith Wholesale’s budgeted sales price is $40 per unit for a budgeted sales volume of 5,000 units. The actual performance was 5,500 units at an average sales price of $39.75. The total dollar amount of the flexible budget sales variance is a favorable variance of $. Smith Wholesale’s budgeted sales price is $40 per unit for a budgeted sales volume of 5,000 units. The actual performance was 5,500 units at an average sales price of $39.75. The dollar amount of sales variance to the difference in...

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The Master Budget

Question: Master Budget 1 Accessed Discussion Question: Master Budget Michael Jordan University of Phoenix Accounting 561 Dr. Trillion Cason October 13, 2009 The master budget is a detailed and comprehensive analysis of an organization’s long and short term goals. 1. Identify the major inputs to the master budgets and the usefulness of each. Operational budget and financial budget are the two major parts of the master budget. The financial budget focuses on the...

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Budget Management

BUDGETING SIMULATION Q1.Explain and critically analyze the budget that you prepared for the exercise For this exercise, estimates, budget, conditions, conditions forecast were the things to be kept in mind. From the conditions that were specified: 1) Weather-the cost can go high if the weather conditions get worse 2) Labor market-the cost can go high or low depending on the availability 3) Stakeholders cooperation-depending on them, the cost can also go high or we can even save money 4) Reliability...

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Operating Budget

 Health Care Budget HCS/577 July 27, 2015 Professor Michelle Gomillion Health Care Budget Most entities and organization create budgets as a guide for controlling its spending, prediction of profit, and it expenditure as they progress toward a set goal. Budget involves pulling resources together to achieve a specific goal. According to Gapenski (2006), budgeting is an offshoot in a planning process. A basic managerial accounting tool use in holding planning and control functions together is...

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Master Budget

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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The Budget Process

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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