...fin 1060 Budget Killer Quiz My main budget killer is spending money without a plan. Although I am usually tight with spending, I sometimes buy wants rather than necessities. My budget calculations from last week proves my weakness of unnecessary expenses such as Entertainment Expenses, going out to eat and the movies. If I plan to start now, rather than holding off financial planning which is another budget buster relevant to my case, my budget will improve. I can also work on my lack of discipline and not eat out as much, which will reduce my expenses. By creating a financial plan now rather than holding off and improving my lack of discipline, my budget will remain stable. My main budget killer of unplanned spending is similar to my friend Sesen's budget killer problem. We both share the same budget issues, possibly because we are under similar financial circumstances. We are both students receiving support from our parents and loans for financial help, so we don't always realize what exactly we're spending our money on. I think the tracking spending lessons from the Cash Course will aid both of us most in improving our financial planning. Deciphering small amounts spent throughout a couple weeks’ time will show us where exactly our money is going. For me, I can be able to see how much going out to eat and movie tickets add up. I can then use this information in my budgeting, and possibly develop a control system to reduce my expenses. For Sesen, she will...
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...| | |Assignment Cover Sheet | |Lecturer’s Comments Form | |SECTION A: TO BE COMPLETED BY STUDENT | |This assignment cover sheet needs to be included with each assignment. Please complete all details clearly. | |If you are submitting your assignment on paper, please staple this sheet to the front of each assignment. | |If you are submitting your assignment online, please ensure this cover sheet is included in front your assignment. | |Please check your course information booklet for assignment submission deadline and information. | |Family Name |Lim |Given Names |Glenda | |Program/Intake |AFM7 ...
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...manager a year earlier. As they were walking, Tom Emory spoke. “Boy, I hate those meetings! I never know whether my department’s accounting reports will show or bad performance. I am beginning to expect the worst. If the accountants said I saved the company a dollar, I’m called Sir, but if I spend even a little too much- boy do I get in trouble. I don’t know if I can hold on until I retire.” Tom had just been given the worst review he had ever received in his long career with Ferguson & Son. He was the most respected of the experienced machinists in the company. He had been with Ferguson & Son for many years and was promoted to supervisor of the machine shop when the company expanded and moved to its present location. The president (Robert Ferguson, Sr.) had often stated that the company’s success was due to the high quality of the work of the machinists like Tom. As a supervisor, Tom stressed the importance of craftsmanship and told his workers that he wanted no sloppy work coming from his department. When Robert Ferguson, Jr. became the plant manager, he directed that monthly performance comparisons be made between actual and budgeted costs for each department. The departmental budgets were intended to encourage the supervisor’s to reduce inefficiencies and to seek cost reduction opportunities. The company controller was instructed to have his staff “tighten” the budget slightly whenever a...
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...analysis. As my resume highlights, I have expertise in range of accounting areas, including the following: * Reconciliation and expense reporting * Budget creation, cost analysis, and forecasting * Vendor relations * Accounts payable and accounts receivable * Financial statements and preparation * Business accounting process improvements * Month-end analysis and reconciliation * Non-profit accounting principles * Microsoft office and leading financial software * Reporting and documentation * General ledger audits and entries My key job responsibilities in my present capacity as senior accountant include, among others, the following: * Prepare and submit annual budget. * Audit expenses & adjust for allowable reimbursements. * Management of grant accounting activities; monitoring and submitting detailed reports of financial activities to grant donors; keeping a track of incoming funds and preparing monthly income statements vs. outgoing expenses spreadsheets. * Evaluate effectiveness of business processes and give recommendations for improvement. My strong communication skills, both written and verbal, and intrapersonal skills allow me to communicate effectively and seamlessly with clients. Along with these skills, I bring outstanding team-building and leadership skills to the table. Attached with this cover letter is my resume. I sincerely...
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...Audience/Purpose/Tone Communication is important to every business and need people with good communication skills. For this paper the two forms of communication that I have chosen are: Interoperational and Personal. In order to tackle business communication problems it’s very essential to follow a well drafted communication process. The communication process steps involved for my two forms of communication are: Sensing a communication need: The need for communication here is for Conveying the Yearly Sales Budget, Sales Target and Project Plans and Training team members. The purpose of these communications is to discuss the annual budget and set targets for the sales and information technology and to train my team members with this new reporting tool and share my knowledge with them. Defining the situation: The presenter of the interoperational communication is our director and the main goal is to help the project managers in laying down the budgets for each project to fall within the targeted budget and thus help them to understand the number of projects to be initiated or undertaken the whole year. The best choice of communication under this situation is using the PowerPoint slides with visuals supporting the speech and contents in the slides. The second form of communication which is a personal communication will be presented by me and it is an informal communication to help the audience to create reports required by the business and analyze the data...
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...Flexible Budgets ACC/543 November 17, 2014 Differences between Master and Flexible Budgets There are two main differences between the master and the flexible budgets. The two budgets have different uses and they treat volume changes in different manners. The master budget is the official budget that management has decided to go with. It is their planned volumes, expenses, and revenues that were determined for the upcoming year. It is used as the starting point by which benchmarks are measured. It is the best estimate that the business has decided to go with based on the current facts at the time the budget was made. The master budget does not change after it has been put into place so it does not account for changes in volume. Flexible budgets change as estimates in volume change. It takes different levels of volumes and determines what the expected costs and revenues would be based on the rates budgeted in the master budget. Variable costs would remain the same per unit cost as in the master budget. This is important as a manager might think he is coming under budget when compared to the master budget but when compared to a flexible budget based on the new volume, he might be over budget. Fixed costs would also remain the same so the per unit cost for these would change as volume changed. This allows companies to say what their budgeted costs should be based on the new volume. Using spreadsheets, the company can make changes to the flexible...
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...the word budget, the first few words that come to mind is money, time, or saving. However, to clearly understand the concept of budgeting, one must have a clear, concise definition of the word. According to InvestorWords.com, budgeting can be defined as “an itemized forecast of an individual's or company's income and expenses expected for some period in the future” (http://www.investorwords.com/600/budget.html). With that being said, one can conclude that budgeting is the foundation of every financial plan. It doesn’t matter if one is making seven figures a year or living from paycheck to paycheck, if you want to control your money and not let your money control you, one’s best bet are to have some type of budgeting plan. Although some may think that budgeting is all about having restrictions on your spending and not be able to enjoy the finer things in life, the sole purpose of having a budget is to allow one to see where their money is actually going and the best way in which to allocate any funds saved. Also, for those who choose to construct a budget, usually save money that would have been otherwise been spent on unnecessary things; thus, making them able to become wealthier and save for better possessions in the long-term. This paper will detail how to create a budget, how budgeting can build your wealth, the main issues with budgeting, applying budgeting to former class activities, and the relevance of budgeting within the workplace. How to Create a Budget? The main...
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...My Business Shaye Rooks-Ellis Axia College of University of Phoenix If I wanted to create my own business, I would like a small company. I would want one in which I am entirely in charge, and that sold a product in which I have an interest. I want to be able to enjoy going to work and doing something artistic. The name of my new business will be Shaye’s Scrapbooking Supplies. My business will be a sole proprietorship. I chose this structure because I want to be in charge, and be able to make all my own decisions. My company will also be small, with just a few employees. My business will mainly be selling scrapbook supplies. These can include software or machines like Cricut, stickers, cardstock, scissors, tape or glue runners, and other accessories. I will also hold small scrapbooking sessions where I can teach customers different scrapbooking techniques. Customers will be charged for these classes. They will be required to use their own supplies, such as cardstock, stickers, or paper, but my software and other materials will be available for use free of additional charge. I think the scrapbooking classes will generate much income for my company. Because these classes will be relatively cheap for me to teach, they should have a high ratio regarding the cost my company will incur versus the profit my company will make. Additionally, because the customers will use their own materials, I think that creates a selling opportunity for my business. If a customer...
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...Kenya Ratcliff American Intercontinental University FINA425 – Budgeting January 24, 2016 Abstract This is a research paper about financial budgets. This research paper talks about a management director would establish policies and system for a business and/or organization. This research paper will help to explain the different style of budgets, budget cycles and the guidelines rules for set up a financial budget for a business and/or organization. Unit 3 Individual Project Introduction This is a report from the management director to establish policies and systems for the new business, I Can Business Incorporated (ICBI). This report will be delivered to the board of directors of ICBI. This report will describe what a financial reporting system is and explain how management for ICBI should use an activity based budget instead of an operating budget. This report also gives examples of budget guidelines for ICBI. Describe the meaning and the components of a financial reporting system Financial reporting is the process of compiling statements that shows a glimpse of an organization’s financial “health” or status to management, investors and the government. There are four basic reports that are included in a financial report. There is a balance sheet, an income statement or sometimes called the profit & loss statement, a cash flow statement and a statement of shareholder’s equity. The balance sheet gives a detailed picture of the financial condition of a business at...
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...preparing estimates, the budget manager will log into PeopleSoft enterprise, which is a management system that provides financial documents and employee data. The employee data and financial documents provide the relevant information that are necessary for creating projections. PeopleSoft enterprise is also used to upload and transfer financial worksheets. On that project I observed and reviewed projection methodology with the budget projections...
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...a very good habit and provides a better possibility of you not going into debt. 2. Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings? I personally like to budget. I feel very accomplished when I do my budget month by month. It is easy in the sense of the bills are close in price per month and I get paid the same amount by monthly. It is difficult because budgeting is something that you have to make yourself sit down and do. It is not a quick process and in cooperates time but it not a long process either. You have to have the correct calculations as well. The factors that contributed to my feelings is the sense of comfort I had in this process. I knew what I had to pay for and when and what excess money I had for non-essential items. 3. How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score. 4. What adjustments did you have to make to your budget? How did you decide where to make changes? 5. Will you begin using a budget regularly now? Why or why not? I will continue to budget my money and use a budget regularly. Like I said it provides me with a sense of financial...
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...JET2 Task 2 A1. Concerns There are many concerns with the budget planning for Competition Bike. From year 2006 to 2008, Competition Bike experienced a 13.3% increase in sales. In year 9, sales are projected to increase to 3510 units to give sales revenue of $5,247,450. This is a bold increase after 3400 units sold in 2008 and 4000 sold in 2007. I do not think the sales will be as robust with the economy rebounding. Sales projections should be 3425 with net sales at $5,120,375. Since the Competition Bike Company projected overly optimistic sales, there are several areas in the budget that will be affected. The areas affected are Sales Commission, Transportation Out, Advertising, Research and Development, Raw Materials, and Labor. * Sales Commission: With commissions budgeted for 3% of sales revenue, this amount is budgeted too high since the budgeted net sales is inflated * Advertising: This expense line will be incorrect due to it being based on 2% of the Gross Margin. The Gross Margin will be off due to inflated projections. * Raw Materials: Due to inflated sales projections, the raw materials cost should be lowered to reflect a realistic net sales projection. * Labor: Labor cost should be reduced due to fewer hours being used with my projection of fewer units being sold as compared to the 2009 projections. It takes 15 hours/unit, so with fewer than projected sales, this should be reduced. * Transportation Out: Since the projected sales...
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...Investigating my First Variable Variance Report: Beginning the Road to Precision in Variable Planning Oh, bemusing variance report! However will I explain to Bob Schuler, Hahnemann Hospitals’ vice president, the ineffectiveness of my plan, how my supplies came in under budget and salaries were overextended during my first thirty days in the department?! I had hoped the variance percentages would be consistent with the unexpected revenue created by the increased patient volumes we experienced last month - but that could only explain the salary end of things because supplies and procedures didn’t increase. Furthermore, since patient volumes increased, it would make sense that more supplies would be used and more staff would be on-site, prepared for higher volumes - just as the busy times of the hospital were predicted in prior flexible budgets and analyses. (But supplies were reported as lower than expected which doesn’t match up) If I know Mr. Schuler, he is going to be very angry about quality control if I cannot figure out why my supplies were less than estimated and even more livid if we were detrimentally overstaffed; my job may even be in jeopardy! Calm down! Breathe. As I type, I am beginning to believe these variances are not my fault at all. But, I had never imagined switching from the fixed to variable expense department would include such a string of headaches. I must rise to this challenge and pull out every stop in my detection-correction plan while investigating...
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...“October 27, 2011 Honorable Members of the Washington State Legislature: Despite three years of cutting budgets, reducing and eliminating services, and transforming government, Washington faces yet another major challenge. The September revenue forecast has forced another major overhaul of the state operating budget, this time to accommodate a drop of nearly $1.4 billion. Given signs that the November forecast is likely to bring additional bad news, I have prepared a list of alternatives that represent total expenditure reductions of more than $2 billion for the 2011–13 biennium. We will need at least that much to balance the budget and maintain a reserve. After earlier rounds of tough budget cutting, it is clear to me that across-the-board reductions — the only tool available under law to a governor — are untenable. Nonetheless, given the magnitude of the shortfall, it is necessary that we look to each state agency, program, board and commission for additional savings. While my staff and I are preparing the formal supplemental operating budget for submission next month, today I offer a starting point to the conversation we must engage in to resolve our budget problem. Attached is a summary of alternatives I am considering to reach savings of approximately $2 billion. To compile this list, I worked with agency directors to identify expenditure reductions in addition to the 5 percent and 10 percent reduction options submitted last month to the Office of Financial...
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...track of my expenses and often falling behind in debt. It is not true that I am a heavy spender, and I make decent income to support myself and my expenses. The problem of not keeping track of my paid bills, due bill, due dates, automatic withdraw payments and my regular expenses have gotten me so frustrated that I gave up looking over my account and therefore, there is no savings. I don’t make enough money to hire an accountant, so I have decided to use the spreadsheets model so I can make better decisions about the problem. Spreadsheet models are also mathematical models, and its mathematics is more accessible than algebra and calculus. The spreadsheet is the second best way to do many kinds of analysis and is therefore the best way to do most of modeling. Spreadsheet based decision modeling is widely used in business today. The functionality provided within the current integrated packages allows users to develop very complex models. The purpose that I need the spreadsheet model is not going to be a complex model because it is for personal use. Budget spreadsheet is a basic practical tool to manage budget and thereby investments. I will use this to manage my money for any required purpose. Whether it is personal budget, family budget, household budget or home budget one can learn and manage to maintain budget using a budget spreadsheet. A budget spreadsheet will make it easy to manage income and expenses. It will also help me reduce the cost and gain benefits from my investments...
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