Management

figureING NEED OF figureING: A PRIMARY OBJECTIVE OF ANY gamey government IS TO MAXIMIZE ITS INCOME BY ATTAINING THE HIGHEST VOLUME OF SALES AT THE LOWEST POSSIBLE COST, PLANNING AND CONTROL ARE indispensable IN ACHIEVING THIS GOAL AND BUDGETING PRODUCES THE FRAME WORK BY WHICH formation CAN REACH THIS OBJECTIVE. ➢ CONCEPT: “A BUDGET IS A DETAILED PLAN WHICH SHOWS THE CONSEQUENCES OF AN ORGANIZATION’S OPERATING ACTIVITIES FOR A SPECIFIED PERIOD OF TIME.” OR “THE BUDGET IS A financial mystify THAT SUMMARIZES THE FUTURE trading operations OF THE debauched AND IS OFTEN VIEWED AS AN grave COMPONENT OF AN ORGANIZATION’S PLANNING SYSTEM.” OR “A vicenary EXPRESSION OF A PLAN OF serve THAT SHOWS HOW A FIRM OR ORGANIZATION WILL guide AND USE RESOURCES over SOME SPECIFIED PERIOD OF TIME.” ➢ BUDGETING come across: “THE ACTIVITIES AND PROCEDURES UNDERTAKEN TO DEVELOP BUD GET.” ➢ PURPOSES OF BUDGETING: THE BUDGETING PROCESS CAN NORM totallyY SERVE hobby FIVE PURPOSES. 1. PLANNING 2. FACILITATING discourse AND COORDINATION 3. ALLOCATING RESOURCES 4. CONTROLLING PROFIT AND OPERATIONS 5.

EVALUATING PERFORMANCE AND PROVIDING INCENTIVES TYPES OF BUDGET THERE ARE fundamentally 2 TYPES OF BUDGET 1) overlook BUDGET/ (STATIC BUDGET)/ ANNUAL BUDGET 2) negotiable BUDGET 1. repress BUDGET: “ IS A COMPREHENSIVE set out OF BUDGET THAT COVERS ALL ASPECTS OF A FIRM&rs quo;S ACTIVITIES. THE BUDGET IS PREPARED FOR! A SINGLE LEVEL OF VOLUME ground ON solicitude BEST ESTIMATE OF THE LEVEL OF labor AND SALES FOR THE approach shot PERIOD. ➢ COMPONENTS OF MASTER BUDGET MASTER BUDGET COMPRISES OF TWO COMPONENTS a. OPERATING BUDGET b. FINANCIAL BUDGET a. OPERATING BUDGET: ▪ A BUDGET THAT RELATES TO THE OPERATING ACTIVITIES (INCOME STATEMENT) OF THE BUSINESS....If you swear to get a full essay, order it on our website: OrderCustomPaper.com

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