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Budgeting Concepts IyadMourtada, CIA, CMA, CFE, CPLP IyadMourtada, CIA, CMA , CFE, CPLP          						       Openthinkingacademy.com
Budgeting Concepts Introduction to Budgeting  Role of the Budget Budget Periods  Budget Participants Cost Standards Budget Preparation Tools Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Anoperational plan and control tool that identifies resources and commitments needed to satisfy goalsover aperiod of time. Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget Cycle  International Budget Partnership Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Resources Budget Goals Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget = Planning Tool ,[object Object]
 Anticipating problems (managers are proactive rather than reactive).
Defining the goals in quantitative terms. Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget = Control Tool ,[object Object]
 Managers will understand the budgeted cost of their departments.
 Measures the performance against established goals.
Personal self-evaluation tool.
Avoiding budgetary slack.Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget = Motivational Tool ,[object Object]
 Must be seen a realistic budget and not as a restriction.
 Some degree of flexibility should be allowed.Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget = Communication Tool ,[object Object]
 Making everyone in the organization working toward the goals.Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget = Coordination Tool Motivating departments to communicate and coordinate their work to be able to create the budget.  Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Successful Budgeting ,[object Object]
 Used to allocate resources effectively.
 Used as planning, communication, coordinating, and motivating tools.
 Buy-in at all levels.Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Controllability vs.  Controllable Costs Noncontrollable Costs Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
1 2 4 3 “If you don’t know where you are going, any path will take you there.” Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Mission Statement  Planning Strategic Plan  Long-term Objectives Capital Budget  Capitalize & Amortize  Operating Budget  Capital Investment  Short-term Objectives  Current Investments   Expense Iyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com
Budget Periods  					Strategic Plan   Long-term plans (budgets) Short-term plans (budgets) ,[object Object]
 Intermediate 2-1 year
 Operational Less 1yearIyad Mourtada, CIA, CMA , CFE, CPLP             						             Openthinkingacademy.com

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CMA(Part1): Budgeting Concepts

  • 1. Budgeting Concepts IyadMourtada, CIA, CMA, CFE, CPLP IyadMourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 2. Budgeting Concepts Introduction to Budgeting Role of the Budget Budget Periods Budget Participants Cost Standards Budget Preparation Tools Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 3. Anoperational plan and control tool that identifies resources and commitments needed to satisfy goalsover aperiod of time. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 4. Budget Cycle International Budget Partnership Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 5. Resources Budget Goals Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 6.
  • 7. Anticipating problems (managers are proactive rather than reactive).
  • 8. Defining the goals in quantitative terms. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 9.
  • 10. Managers will understand the budgeted cost of their departments.
  • 11. Measures the performance against established goals.
  • 13. Avoiding budgetary slack.Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 14.
  • 15. Must be seen a realistic budget and not as a restriction.
  • 16. Some degree of flexibility should be allowed.Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 17.
  • 18. Making everyone in the organization working toward the goals.Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 19. Budget = Coordination Tool Motivating departments to communicate and coordinate their work to be able to create the budget. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 20.
  • 21. Used to allocate resources effectively.
  • 22. Used as planning, communication, coordinating, and motivating tools.
  • 23. Buy-in at all levels.Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 24. Controllability vs. Controllable Costs Noncontrollable Costs Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 25. 1 2 4 3 “If you don’t know where you are going, any path will take you there.” Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 26. Mission Statement Planning Strategic Plan Long-term Objectives Capital Budget Capitalize & Amortize Operating Budget Capital Investment Short-term Objectives Current Investments Expense Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 27.
  • 29. Operational Less 1yearIyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 30. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 31. Authoritative (top-down budget) Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 32. Participative (bottom-up budget) Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 33. Budget Participants Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 34. Managers can underestimate the amount of income or revenue that will come in over a given amount of time, or overestimate the expenses that are to be paid out over the same time period. This will create “Budgetary Slack”, which is the excess of amount budgeted over and actual amount needed. Budgetary Slack Amount Budgeted Amount Needed Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 35. Budgetary Slack Advantages Provides flexibility for operating under unknown circumstances. Offsets the costly setups from design changes and/or small lot size orders. Disadvantages Decreases the ability to highlight weaknesses and take timely corrective actions on problem areas. Decreases the overall effectiveness of corporate planning. It limits the objective evaluation of departmental managers and performance of subordinates by using budgetary information. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 36. Cost Standards How much an operation or a service should cost? Types of Standards: Authoritative vs. Participative Ideal vs. Reasonably Attainable Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 37. Cost Standards Standard Costs of Direct Material (Quality - Quantity - Price) Standard Costs of Direct Labor Sources for Standard Setting: - Activity Analysis - Historical Data - Market Expectations and Strategic Decisions - Benchmarking Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 38. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 39. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 40. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 41. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 42. Iyad Mourtada, CIA, CMA , CFE, CPLP Openthinkingacademy.com
  • 43. IyadMourtada, CMA, CIA, CFE, CPLP, M.A. iyad.mourtada@gmail.com    http://ae.linkedin.com/in/iyadmourtada http://twitter.com/iyadmourtada http://www.youtube.com/Iyadmourtada http://www.iyadmourtada.com http://www.facebook.com/iyad.mourtada iyadmourtada

Editor's Notes

  1. 1. Hi Everyone. This is Iyad Mourtada and I would like to welcome you all here today on behalf of OpenThinking Academy. OpenThinking Academy is an online training company offering many online training programs which can help you improve your thinking process and allow you to take your problem solving and decision making skills to the next level.As for me, I have been teaching the Finance and Accounting for many years including the CIA and CMA review courses and I am excited to have more than 120 CIA students world wide studying with me this year. So, Our topic today is “Overview of the IPPF”. So let’s get started.