Management

Front 1

Budget

Back 1

Tool for planning,coordinating, prioritizing, and controlling. Is an organization wide instrument to measure activities in financial terms. Its purpose is to allocate and control resources.

Front 2

Planning and Controling

Back 2

1. Develop Budget
2. Analyze Budget
3. Corrective action
4. Future action or plans

Front 3

Planning

Back 3

Financial plan the describes revenue and expenses relating to the financial activities.

Front 4

Controlling Preventive

Back 4

a control in place before an activity is initiated.

Front 5

Controlling Detective

Back 5

designed to find errors that have occurred.

Front 6

Controlling Corrective

Back 6

an internal control designed to fix a problem that has been discovered.

Front 7

Fixed/Static budget

Back 7

Budgets do not change when expected capacity changes. Prepared to show one level of activity. Prepared from historical data or past experiences. The budget will not change even if your activity changes.

Front 8

Flexible budget

Back 8

are prepared for increase or decrease in activity. Based on projective productivity. Adjusted or changed tot he actual level of output or activity during the budget period. Useful for projecting personnel budgets.

Front 9

Activity based budget

Back 9

Any project that spans multiple budget lines, and that span more than one fiscal year. Used for capital projects. (Computer system installation and implementation should be controlled using this budget.

Front 10

Zero based budget

Back 10

opportunity to continue or discontinue services based on the availability of resources. The level of activity is assumed to be zero.

Front 11

Justification for any activity before allocating funds.

Back 11

1. Define the output or service
2. Determine the cost of the service
3. Identify options for reducing cost
4. Identify the options for producing the service.
5. Determine the cost savings
6. Accss the risks
7. Select and implement the options.

Front 12

master budget

Back 12

entire budget for the organization

Front 13

operational budget

Back 13

Every item should have a direct relationship to a departmental goal that supports an organizational goal. The budget process begins with the board of directors, who approve the fiscal assumptions for the upcoming year.Typical assumptions include the desired growth in revenue or target cost reductions/

Front 14

Budget cycle

Back 14

this process begins 3-4 months before the end of the current fiscal year.

Front 15

Interim period`

Back 15

any period that represents less than an entire fiscal year. Monthly budget reports.