This document discusses financial management and budgeting for events. It covers creating a budget by identifying costs, estimating revenues, and allocating financial resources. It also discusses controlling budgets by establishing performance standards, comparing actuals to budgets, and correcting deviations. Finally, it discusses costing and estimating costs like fixed costs, variable costs, and tips for reducing or increasing projected costs and revenues.
1.Union Budget: Revenue Budget, Capital Budget
2. Revenue Receipts, Revenue Expenditure, Revenue Deficit
3. Capital Budget, Capital receipts, Capital Payments
4. Taxes: Direct Taxes, Indirect Taxes
5. Two components of expenditure, Plan and Non-Plan
6. Fiscal Policy, Fiscal DeficIt, Finance Bill
7. The Budget process stages
STAGE 1: Estimates. Part A – Expenditure
8. STAGE 1: Estimates. Part B - Revenue
9. STAGE 2: First estimates of deficit
10. STAGE 3: Narrowing of the deficit
11. How India balances its books
12. Consolidated Fund, Contingency Fund
13. Public Account, Appropriation bills
14. Budget deficit, Fiscal deficit, Primary deficit
1.Union Budget: Revenue Budget, Capital Budget
2. Revenue Receipts, Revenue Expenditure, Revenue Deficit
3. Capital Budget, Capital receipts, Capital Payments
4. Taxes: Direct Taxes, Indirect Taxes
5. Two components of expenditure, Plan and Non-Plan
6. Fiscal Policy, Fiscal DeficIt, Finance Bill
7. The Budget process stages
STAGE 1: Estimates. Part A – Expenditure
8. STAGE 1: Estimates. Part B - Revenue
9. STAGE 2: First estimates of deficit
10. STAGE 3: Narrowing of the deficit
11. How India balances its books
12. Consolidated Fund, Contingency Fund
13. Public Account, Appropriation bills
14. Budget deficit, Fiscal deficit, Primary deficit
What are the basic components of the conceptual framework What are .pdfanaxeetech
What are the basic components of the conceptual framework? What are your opinion about the
success of the conceptual framework
Solution
Conceptual Framework Underlying Financial Accounting
The development of accounting standards or any other accounting guidelines need a foundation
of underlying principles. In July 1989, The International Accounting Standards Committee
(IASC) issued a \"Conceptual Framework\" to serve as a basis for accounting standards. The
Accounting Standards Board of the ICAI has issued a similar framework for same purpose in
July 2000. This framework serves as a constitution and provides the fundamental basis for
development of new accounting standards as also for review of existing standards. The principle
areas covered by the framework are as follows:
Components of financial statements
>Balance sheet
>Profit & Loss A/c
>Cash Flow Statement
>Notes & Schedules to Accounts
Objectives of Financial Statements:
Objectives require financial statements to show the results of business operations and
stewardship or accountability of the management in respect of resources entrusted to it, to the
diversified stakeholders of the business.
Assumptions Underlying Financial statements:
Three fundamental accounting assumptions are as follows:
>Going Concern
>Consistency
>Accrual
Qualitative Characteristics of Financial Statements:
>Understandability
>Relevance
>Reliability
>Comparability
>True & Fair View
Elements of Financial Statements:
The five financial elements are assets, Liabilities, Equity, Income/Gains, and Expenses/losses.
Principles of Measurement of Financial Statements:
Measurement is the process of determining money value at which an element can be recognised
in the balance Sheet or statement of profit or loss. The framework recognises four alternative
bases for the purpose. These bases relate explicitly to the valuation of assets and liabilities. In
preparation of financial statements, all or any of the below can be used in varying combinations
to assign money values to financial items:
(a) Historical Values
(b) Current Cost
(c) Realisable(Settlement) Value and
(d) Present Value
PURPOSE OF THE FRAMEWORK
The framework sets out the concepts underlying the preparation and presentation of general
purpose financial statements prepared by enterprises for external users.
The main purpose of the framework is:
(a). To assists enterprises in preparation of their financial statements in compliance with the
accounting standard and in dealing with the topics not yet covered by any accounting standard.
(b). To assists ASB in its task of development and review of accounting standards.
(c). To assists ASB in promoting harmonisation of regulations, accounting standards and
procedures relating to the preparation and presentation of financial statement by providing a
basis for reducing the number of alternative accounting treatments permitted by accounting
standards.
(d). To assists auditors in forming an opinion as to whether financial sta.
Its about the financial and profit planning.A firm should be managed effectively and efficiently. This implies that the firm should be able to achieve its objectives by minimising the use of resources. Thus managing implies coordination and control of the efforts of the firm for achieving the organisational objectives.
Final Project Submission Presentation to InvestorsACC 202 Fin.docxtjane3
Final Project Submission: Presentation to Investors
ACC 202 Final Project Guidelines and Rubric
Overview
Overview Successful entrepreneurs understand all aspects of business, especially costs and costing systems. Managerial accounting provides a framework for strategic analysis and planning with regard to cost behaviors and costing systems. In this final project, you have the opportunity to act as an entrepreneur and apply managerial accounting principles to evaluate and manage costs related to your products within a costing system. Additionally, you will demonstrate your ability to communicate your findings effectively to internal stakeholders, just as an actual business owner would need to do.
Specifically, you will assume the role of the owner of a hypothetical small business. In your milestone work, you will develop financial strategies prior to opening your business. For the final submission, you will create a presentation for your investors after your business has been in operation for a certain period of time. You will use the provided scenarios to complete your project.
In this assignment, you will demonstrate your mastery of the following course outcomes:
· ACC-202-01: Apply fundamental costing systems to optimize operations within a business
· ACC-202-02: Assess financial performance to communicate financial planning strategies to internal stakeholders
· ACC-202-03: Leverage fundamental managerial accounting methods to support the mission of an organization
Prompt
In a detailed
presentation
(12 to 15 slides in length, plus speaker notes and an addendum), explain and defend your costing strategies (i.e., the business plan created in your first and second milestones) and share your business’s performance to-date (i.e., the work from your third milestone). Be sure to effectively communicate to your stakeholders by breaking down concepts and using investor-friendly language to build their trust and confidence.
Specifically, the following
critical elements
must be addressed. Most of the critical elements align with a particular course outcome (shown in brackets).
I.
Introduce
your presentation
a. Outline your
company’s profile
, including its name, location, and mission and vision.
b. Explain for your investors the
purpose
of the presentation. What do you plan to communicate, and why should your investors pay attention? In other words, try to persuade your investors that the accounting information you are about to share is important. [ACC-202-03]
c. Explain and
defend your methods
for generating the information that you are about to share in terms of your adherence to industry standards and the AICPA code of ethics. In other words, why should your investors trust that you are delivering accurate financial data and that your decision-making process has been ethical?
d. Specifically, be sure to illustrate how your managerial accounting methods
support the mission
of your organization, using examples. [ACC-202- .
Improving Asset Management performance using Balanced Scorecards
Managing the performance of an asset-intensive organization is a strategic activity. The crucial aspect of performance management is the alignment of the strategies at the corporate level with those at the functional/operational level. We also include asset management at this functional level. The purpose of using Balanced ScoreCards (BSC) is to effectively manage the mission, vision, purpose, goals and objectives within an organization.
In this webinar, Stork AMT provides an outline of how the effective use of Balanced Scorecards can help organizations align their asset management strategy with the organizational strategy and how the BSC can help translate asset management objectives into tangible , recognizable actions, where you maintain a balance between costs, risks and performance.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
1. Hashim Fadzil AriffinHashim Fadzil Ariffin
EVENT MANAGEMENTEVENT MANAGEMENT
TOUR2100TOUR2100
Week 7Week 7
Financial Management and the Budget
2. 2
IntroductionIntroduction
Objectives and financial planningObjectives and financial planning
Creating a budgetCreating a budget
The detailed budgetThe detailed budget
LECTURE OUTLINELECTURE OUTLINE
Who spends whatWho spends what
Other sources of incomeOther sources of income
Sponsorship and public fundingSponsorship and public funding
10. 10
INTRODUCTIONINTRODUCTIONCOMPANIES AND THEIR ROLESCOMPANIES AND THEIR ROLES
Reasons for sponsorship
by the sponsor
SPONSORSHIP AND PUBLIC FUNDINGSPONSORSHIP AND PUBLIC FUNDING
1
2
3
4
12. The BudgetThe Budget
LECTURE OUTLINELECTURE OUTLINE
Forecasting Finance and ROIForecasting Finance and ROI
Control and Financial RatiosControl and Financial Ratios
Costing and EstimatingCosting and Estimating
IntroductionIntroduction
13. INTRODUCTIONINTRODUCTION
Financial management is defined as decisions that concern the
sourcing, planning, allocation, monitoring and evaluation of the
money resource.
Mismanagement of finance can lead to unforeseen operational
risk, such as safety, crowd control and legal problems
14. Scope-feasibility Stakeholder Marketing
Finance forecasting
and sourcing
Cost/benefit analysis
Economic impact
Trend analysisTrend analysis
Cost analysis-classification
Deadline algorithmDeadline algorithm
Tools and techniques
Cash flow management
Leverage
Cost control planning
Commitment accounting
Create budget and controls
•Grants
•In kind
•Ticket sales
•Loans
•Sponsorship
•Merchandising
EventEvent
Client
approval of
budget
Increase
funding or
decrease
costs
Change
Evaluationoffinancemanagement
Financial management process from the project management point of view
15. FORECASTING FINANCE AND ROIFORECASTING FINANCE AND ROI
ROI or return on investment is the measure of the financial
return for the investment in the event.
ROI or return on investment is the measure of the financial
return for the investment in the event.
17. THE BUDGETTHE BUDGET
A budget can be described as a quantified statement of plans
The budget process includes;
•Costing
•Estimating income
•Allocating financial resources
A budget can be described as a quantified statement of plans
The budget process includes;
•Costing
•Estimating income
•Allocating financial resources
19. THE BUDGETTHE BUDGET
Constructing the BudgetConstructing the Budget
Establish what is the
economic
environment
Establish what is the
economic
environment
Establish budget
guidelines to fit
objectives, including
sub-budget
Establish budget
guidelines to fit
objectives, including
sub-budget
Identify and estimate
cost areas and
revenue sources
Identify and estimate
cost areas and
revenue sources
Prepare a draft
budget for
committee and
sponsor approval
Prepare a draft
budget for
committee and
sponsor approval
Evaluate draft
budget and prepare
final budgets and
control ratios
Evaluate draft
budget and prepare
final budgets and
control ratiosThe budget process
20. CONTROL AND FINANCIAL RATIOSCONTROL AND FINANCIAL RATIOS
The process control involves the following steps;
1.Establishing standards of performance
2.Identifying deviations from standards of performance by
comparing the budget to the actual spend
3.Correcting deviations
The process control involves the following steps;
1.Establishing standards of performance
2.Identifying deviations from standards of performance by
comparing the budget to the actual spend
3.Correcting deviations
21. CONTROL AND FINANCIAL RATIOSCONTROL AND FINANCIAL RATIOS
The Break-even ChartThe Break-even Chart
Fixed costs
Income
Variable costs Break-even point
Numbers through the gate
Amount(s)
22. CONTROL AND FINANCIAL RATIOSCONTROL AND FINANCIAL RATIOS
Ratio AnalysisRatio Analysis
Current assets
Current liabilities
Ratio
Net revenue
Investment
ROI
Perceived value/cost pax
23. CONTROL AND FINANCIAL RATIOSCONTROL AND FINANCIAL RATIOS
Cash FlowCash Flow
Cost
FinishStart Event organizing
Ability to correct deviations from
the plan
EVENT
Abilitytocorrectdeviations
Time
Costofcorrection
0%
100%
Control, cost and time
24. COSTING AND ESTIMATINGCOSTING AND ESTIMATING
Fixed costs or
overheads
Fixed costs or
overheads
Variable costsVariable costs
Two types of
costs
Two types of
costs
25. COSTING AND ESTIMATINGCOSTING AND ESTIMATING
Venue/site
rental
Venue/site
rental
PromotionPromotion
TalentTalent
Operational or
production
costs
Operational or
production
costs
Costs of an event [Catherwood & Van Kirk,(1992)]
26. COSTING AND ESTIMATINGCOSTING AND ESTIMATING
Tools of project management that can be used to estimate event costs
[O’Toole and Mikolaitis,(2002)]
30. COSTING AND ESTIMATINGCOSTING AND ESTIMATING
Tips for Increasing Projected IncomeTips for Increasing Projected Income
31. COSTING AND ESTIMATINGCOSTING AND ESTIMATING
Financial ReportingFinancial Reporting
The report should relate directly on the event management area to which it is
addressed
The report should relate directly on the event management area to which it is
addressed
It should not contain extraneous information that can only obscure its function.
Brevity and clarity are key objectives
It should not contain extraneous information that can only obscure its function.
Brevity and clarity are key objectives
The figure in the report must be of the same magnitude and they should be
comparable
The figure in the report must be of the same magnitude and they should be
comparable
The report should describe how to take remedial action if there is a significant
problem
The report should describe how to take remedial action if there is a significant
problem
The budget report is a means of highlighting problems and suggesting solutionsThe budget report is a means of highlighting problems and suggesting solutions