Budget procedure and classification
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A budget is a financial plan for future costs and revenues over a specific period of time. Budgets have several purposes, including comparing planned costs to actual costs, controlling costs, planning production levels, and comparing performance over time. Operating budgets include sales, production, materials usage, and materials purchase budgets. Principal budgets include cash, master, and flexible budgets. A cash budget forecasts receipts and payments on a weekly or monthly basis. A master budget combines all subsidiary budgets into a projected income statement and balance sheet. A flexible budget allows comparisons of actual performance to the budget by adjusting for different activity levels and separating fixed and variable costs.
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2) Top-down budgeting sets constraints from high levels but risks inaccuracies, while bottom-up involves staff but risks exaggeration.
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Powerpoint on budgets
A budget is a financial plan for future costs and revenues over a specific period of time. Budgets have several purposes, including comparing planned costs to actual costs, controlling costs, planning production levels, and comparing performance over time. Operating budgets include sales, production, materials usage, and materials purchase budgets. Principal budgets include cash, master, and flexible budgets. A cash budget forecasts receipts and payments on a weekly or monthly basis. A master budget combines all subsidiary budgets into a projected income statement and balance sheet. A flexible budget allows comparisons of actual performance to the budget by adjusting for different activity levels and separating fixed and variable costs.
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This document outlines the plans and budget for a faculty/department for 2008. It includes a summary of the 2007 financial performance and the requested 2008 budget. It discusses key activities from 2007, performance based on financial, customer, internal process, and learning and growth perspectives. It identifies the vision, mission, SWOT analysis, and strategies, objectives, KPIs and initiatives for 2008. Finally, it includes the proposed operating and capital budgets for 2008.
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The document discusses different budgeting methods:
1) Incremental budgeting vs zero-based budgeting, with incremental being simpler but less innovative, while zero-based requires justifying all costs but is complex.
2) Top-down budgeting sets constraints from high levels but risks inaccuracies, while bottom-up involves staff but risks exaggeration.
3) A mixed approach using elements of different methods can balance involvement with oversight. Zero-based budgeting may work for selective areas to drive efficiency.
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The document discusses concepts and processes related to budgeting. It covers topics such as the definition of budgeting, advantages and disadvantages of budgeting, uses of budgets, budgeting tips and tricks, types of budgets including capital, sales, cash, production, expense, labor budgets. It also discusses ratio analysis, budgeting policies and procedures, the budgeting process, and getting a budget approved.
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The document discusses budgeting, including definitions, significance, approaches, types of budgets, and the budgetary process. It outlines three common budgeting approaches - top-down, bottom-up, and iterative budgeting - and compares their merits and demerits. The document also discusses features of an effective budget, linking budgets to project activities through earned value analysis, and measures for budgetary control.
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Zero base budgeting is a managerial tool developed by Jimmy Carter in 1962 that begins the budgeting process from scratch each year without relying on previous year's budget. It focuses on evaluating the costs and benefits of individual programs, prioritizing activities, and allocating resources to activities based on their importance to organizational goals. The process involves listing objectives, deciding the scope, prioritizing activities, conducting cost-benefit analyses of decision packages, and selecting and approving the final budget. Zero base budgeting aims to optimize resource utilization and justify all expenditures, but it can be difficult and time-consuming to implement.
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Budgeting involves creating detailed financial plans to help manage a business. The document defines budgets and discusses different types of budgets including sales, production, cost of production, purchase, personnel, research and development, capital expenditure, cash, master, fixed, flexible, and zero-base budgets. It also explains budgetary control as the process of establishing budgets, continuously comparing actual performance to budgets, and taking action based on any variances in order to meet organizational objectives or revise plans.
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A budget is a list of planned expenses and revenues. It is an annual proposal that outlines anticipated federal revenue and designates program expenditures for the upcoming fiscal year. A budget is considered the master financial plan of the government that brings together estimates of anticipated revenue and proposed expenditures. Key features of an effective personal budget include accurate income projections, realistic expense categories, regular reviews and adjustments, tracking of cash spending, savings goals, and identification of spending patterns.
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Zero base budgeting is a managerial tool developed in 1962 by Jimmy Carter that considers each year as a new year for budget preparation without reference to previous years. It focuses on forecasting future activities and cost-benefit analysis of decision packages to prioritize allocation of resources according to organizational objectives. Some key benefits include more accurate resource allocation based on priority, enhanced managerial capability, and optimum utilization of resources. The application of zero base budgeting involves identifying decision units, developing decision packages around objectives, and reviewing/ranking packages.
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2) The budget is prepared using a flexible, integrated, and accountable format that includes monthly and total projections. It helps identify risks and opportunities for the following year.
3) Implementing the budget helps XYZ map controls, coordinate activities, communicate plans, instruct staff, authorize spending, motivate performance, measure results, and make decisions to either set new targets when the budget is met or exceeded or review strategies when the budget is underperformed.
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This document discusses budgeting and budgetary control. It defines a budget as a quantitative plan, usually monetary, for a specific time period, often one year. Budgets can be capital budgets for new projects or operating budgets for short-term goals. An effective budgetary control system involves preparing budgets, continuous comparison of actual to planned performance, and revising budgets as needed. Installing such a system requires determining objectives and constraints, and establishing an organization structure with a budget controller and committee responsible for the budget process.
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The document provides guidelines for preparing a company's financial budget. It outlines sections to include such as an executive summary, SWOT analysis, marketing plan, operating budget, capital budget, and cashflow budget. The operating budget section includes templates for sales/revenue, cost of sales, operating expenses, and advertising and promotion budgets. It provides instructions on providing calculations, assumptions, and timelines for budget items. The overall purpose is to help prepare a comprehensive financial plan for a new or existing business.
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1) A budget is a quantitative economic plan that XYZ management uses to manage operations and finances for the year 2012. It includes revenue, expenses, cash, and capital components.
2) The budget is prepared using a flexible, integrated, and accountable format that includes monthly and total projections. It helps identify risks and opportunities for the following year.
3) Implementing the budget helps XYZ map controls, coordinate activities, communicate plans, instruct staff, authorize spending, motivate performance, measure results, and make decisions to either set new targets when the budget is met or exceeded or review strategies when the budget is underperformed.
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This document discusses different types of budgets used in management accounting. It outlines time budgets which can be long term covering 5-10 years, short term covering 3-6 months or 1 year, and current covering the current financial year. It also discusses functional or operating budgets which include the master budget summarizing all other budgets, and subsidiary budgets like sales, production, and cost budgets. Finally, it discusses flexible and fixed budgets, with flexible budgets changing based on activity levels and fixed budgets remaining unchanged.
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This document provides an overview of budgets, budgeting processes, and budget types. It discusses that a budget quantitatively expresses plans to achieve objectives and allows for comparison of actual vs planned outcomes. The budgeting process involves identifying limiting factors, preparing functional budgets in a logical order, aggregating into a master budget, and comparing actuals to flexed budgets to identify variances. Different types of budgets include long-term/short-term, fixed/flexible, functional like sales/production, and the master budget. Budgets play roles in planning, control, communication, and motivation.
Classification of budget
This document discusses different types of budgets used in business. Budgets can be classified in several ways: by time (long-term vs short-term), by capacity (fixed vs flexible), and by scope (functional vs master). Functional budgets include sales, production, materials, purchase, and cash budgets. A master budget integrates all functional budgets to estimate profit/loss and financial position. Budgets can also be classified by receipts and expenditures as capital budgets or revenue budgets. In conclusion, budgets are prepared maps that aim to optimize resource utilization according to organizational policies and functions.
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A budget is a financial plan for a defined period that estimates income, expenditures, and capital. Budgets can be classified according to time as long term, short term, or current budgets. They can also be classified by function as budgets for sales, production, costs, purchases, personnel, research and development, capital expenditures, cash, and a master budget. Budgetary control allows a company to plan and monitor its finances using budgets prepared prior to the budget period.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Budget procedure and classification
- 1. SUBMITTED TO:DR MOHIT GUPTA SUBMITTED BY:DEEPINDER KAUR
- 2. 1. •Identification of key factor 2. •Making the forecasts 3. •Communicating details of budget policies 4. •Preparation of budgets 5. •Negotiation and coordination of budgets 6. •Review of budgets
- 9. CLASSIFICATION ACCORDING TO TYPES OF ACTIVITY: These budgets are also called functional budgets because they are related to a particular functional area of operations. these budgets are sales budget ,production budget, purchase budget etc.
- 10. Capital expenditure • Research and development expenses • Capital investments Operating budgets • Sales budget • Purchase budget Financial budgets • Cash budgets • Performa financial statements
- 11. Flexibility Fixed budget does not change with the level of activity.it remains static. Flexible budget is prepared to incorporate the effect of different level of activities. FIXED BUDGET FLEXIBLE BUDGET CLASSIFICATION ACCORDING TO FLEXIBILITY
- 12. FIXED BUGDET CYCLE: A fixed budget is one which is prepared ,once per year. the remaining period for which the budget is prepared will shorten until the budget for the next year is prepared.the budget once made will not be changed for the reminder year. ROLLING BUDGET: The budget period never ends.For example, a company's 2020 annual budget will become a rolling budget if in February 2020 it adds the budget for January 2021 to replace the January 2020 budget. After janaury 2020 occurs, the rolling budget will consist of the 12 monthly budgets of March 1, 2020 through February 28, 2021.