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  • The Budget Process

    a. A budget is a set of plans that quantitatively describe a company’s projected future operations. A budget is used as to measure actual operating results, for the allocation of funding, and as a plan for future operations. The budgeting process typically begins with a strategy planning session by senior management. The management team then applies the agreed strategic direction to a series of plans that roll up into a master budget. The plans include a sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, sales and administrative budget, and fixed assets budget. All of these plans roll up into the master budget, which contains a budgeted income statement, balance sheet, and cash forecast.…

    Words: 1347 - Pages: 5
  • Inaccurate Company Budget

    The operating budget provides financial information regarding anticipating revenue and anticipated expenses. These revenues and expenses reflect the anticipated revenue and expenses for the next year of the company’s operations and shows the companies working budget. It generally shows several different budgets as well. The operating budget is an estimation of all the income and expenses that are forecasted for the company that show as revenue. The operating budget is considered to be a…

    Words: 1610 - Pages: 6
  • Budget Limitations Essay

    Budget limitations are an issue that every department, regardless of size, must operate within. Larger departments by necessity have larger budgets but this does not always mean that they are more successful in completing their goals. The larger a budget the more patrol officers the department can put on the road. Each officer on the road must be paid their salary, trained properly, provided a vehicle capable of accomplishing their tasks, and provided the tools and equipment needed for their…

    Words: 767 - Pages: 4
  • Budget Control Case Study

    BUDGETARY CONTROL 1. Introduction (250) The word “budget” was come from Latin word “bulga”, meaning a little bag or knapsack (Quinion, 1996). A budget is a detailed plan for the acquisition and use of financial and other resources over a specified time period, while budgeting is the act of preparing a budget (Seal, Garrison and Noreen, 2012). The budget represents future plan which expressed in formal quantitative terms. Budget that is functioned as the firm’s activities control is called…

    Words: 1913 - Pages: 8
  • The Personal Budget: The Importance Of Budgeting

    Whenever you are trying to buy something very expensive or trying to get the most out of your money, budgeting is very important. Budgeting teaches you how to be cost effective and make the most out of your money. Before I started the month of November, I had a November budget planned on how much I wanted to spend in each category. The planned budget for each category gave me a rough estimate of how much money I should be spending. Mostly all of the categories like food, transportation, and…

    Words: 1460 - Pages: 6
  • Police Budget Cycle

    makes is the approval of their budgets because it reveals in financial terms what their priorities are. A budget is defined as a plan expressed in dollars. It is the use of financial resources to meet the needs of organizations. All police agencies operate within a budget. A budget can also be defined as operating and capital. An operating budget usually covers a 12-month period and is covers salaries, fringe benefits, uniforms, crime scene supplies, and ammunition, training and telephone…

    Words: 1174 - Pages: 5
  • Reflection: Felton Family Preschool Budget

    Budget Planning Reflection: Felton Family Preschool Budget As I was reading the book “The Business of Child Care Management and Financial Strategies” it pointed out some very good information to know and understand when it comes to budgeting. First a person has to have an “Estimating Monthly Budget Amount” when running any type of organization, company, or business. (Jack, 2005, p. 72) That is when a person usually tracks their monthly revenue and expenses. This means tracking the finances of…

    Words: 941 - Pages: 4
  • Why Do Budget Overlaps

    The reason why budget overlaps is that Congress does not have enough time to implement budget. It takes an average of 39 months of preparation of budget. Most of the budget reports are implement in October 1 each year. It has been discovered that budget is difficulty to implement when it is scramble or intermingling of cycles. It takes approximately 15 months for budget to go into effect. Congress also takes a long time to past bills. In 1970, a law was adopted given Congress extra three…

    Words: 283 - Pages: 2
  • Advantages And Disadvantages Of A Flexible Budget

    1. Define a flexible budget. Provide an example of how a flexible budget is used in the real world. A flexible budget consists of adjusting expenditures according to the evolution of real incomes. So we get a budget with real results. The flexible budget is restructured according to activity levels, which is why it is a good performance evaluation tool and useful for any planning. Just like its good odds the flexible budget has its disadvantages as well. It may be a good tool but…

    Words: 972 - Pages: 4
  • Types Of Budget As Planning And Control Tools

    Budget as Planning and Control tools The success of a company depends on several things, good strategy, business plan, and budget, among others. Budget is an important part in order for a business to function and succeed. According to Business Dictionary, budget is “an estimate of costs, revenues, and resources over a specified period” (Business Dictionary, 2016). A budget is a plan for the financial conditions of a company’s next period. There are different types of budgets in managerial…

    Words: 1548 - Pages: 7
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