...Determining Causes and Effects Revised Version Personal budgeting is an important factor in regards to successful long term financial stability. Budgeting has many great aspects as well as showing areas of weakness. It can show the truth about your personal financial spending habits, areas that are not looked at enough, and if there are needs for a larger emergency fund. The reality of personal budgeting is that many people potentially do not keep a personal budget for one reason or another. People also don’t consider the negative effect that it could have on one personally and or how it effects the economy. One major reason that an individual does not keep a personal budget would be the lack of knowledge on how to possess a successful budget of their finances. An individual may not know how to properly construct a budget that will help them become financially savvy. The client could be unaware of how to make a budget balance, how to correctly allocate funds, or even which areas are really the important factors. Excel is a great tool for budgeting if you can utilize the application. But if one does not know how to distribute their funds properly, you could come up short when needing money for bill or to fill your gas tank up to get to work to make an income, which turns into a vicious cycle. This lack of information and know how could deter someone from even thinking about budgeting. Not only is lack of knowledge a serious factor, a person could make more money than their...
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...Personal Budget, Balance Sheet, and Cash Flow Statement Personal Budget, Balance Sheet, and Cash Flow Statement Ann and Jan Stone are married and have no kids. Ann has received her Bachelor’s degree, MBA and now getting her Master’s of Accounting. Jan has not finished his Bachelor’s degree in International business. Jan is a director of revenue in a hotel industry and makes about $89,000 a year. Ann works for Credit Union as a Branch Manager and makes $38,000. Ann is 27 years old and Jan is 30. Major concerns that the couple has is debt. Jan has about $52,000 in credit card debt and he is paying high 20% interest on them. Ann has student loan totaling $60,000 and growing. Another concern the couple has is not having enough cash flow to invest in their small house upgrades. Another common goal this couple has is to save money and successfully invest. Jan and Ann want to have their own business in the future, but have no cash flow to start a business (Primiano, 2012). Following are Ann and Jan Stone personal budget, cash flow and budget. Monthly budget Financial goals: pay off debt, increase emergency funds Budgeted Amounts Actual Amounts Variance (dollars) (percent) Projected Inflows (income) Salary 10,800 100 Projected Outflows Emergency fund savings 600 6% 600 - Savings for vacation 200 2% 200 - Total savings 800 7% 800 - Fixed Expenses Health insurance 280 3% 280 - Mortgage 1200 11% 1200 - ...
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...Personal Budget, Balance Sheet, and Cash Flow Statement ACC/547 Memorandum To: Mr. From: Mr. Subject: Personal Budget, Balance Sheet, and Cash Flow Date: Thank you for providing the details required to assist you in developing a comprehensive budget for successfully managing your personal finances and planning in advance for the future. As you have seen, our process of developing this plan for effective day to day management of financial activities required an in depth review of your personal financial records, use them to create your personal financial statements, and to create and implement the plan for spending and saving. In addition to the financial records provided, other factors are considered. These factors are your age of 40 years old, the fact that your education level is a bachelor’s degree, you are single with no dependents, never married, have worked for the same Engineering firm for the past 18 years with a stable and increasing annual salary throughout your career. I further understand that you feel like you are not quite gaining on credit card debt as you had hoped at this point in your life, and your thoughts are beginning to become more serious about your retirement and how you should be preparing, financially. Your goals of being able to retire earlier than your friends and live comfortably can be obtained. Your goal of becoming debt free before you’re 45th birthday is also attainable. This memorandum will provide a brief summary of my main...
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... 3 3 Consultation document proposals 3 3.1 Table of proposals 4 3.2 Evidence to support the proposals 5 4 Constructions and locations of care 6 4.1 Table of the constitution and the concepts of care 6 4.2 Some key concepts to illustrate the mutual constitution of personal lives and 7 social policy 5 Theoretical perspectives and normative assumptions, and the...
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...happened and started spending right away. The other was living at home saving, and had a budget. When the time came he was ready to move out. The article then proceeds to mention four steps to planning a budget. It even came with a budget sheet at the end of the article. I chose this article because it has relevance to making a budget. There were examples on what would happen if you had a budget, or if you foolishly spent your money. There are steps given to set up your budget, where to put your money and how much to put in it. The article mentions how to set goals and how to prioritize them. All of these steps are important for setting up a good budget. Stephens, Brooke. (January 2006). Budgeting your future. Career magazine; Vol. 34 Issue 4, p11-13, 3p; Retrieved 9/17/2009 from EBSCOhost database. “Budget for Real Life” was another interesting article I found relating to personal finance. This article was a question and answer session between a Harvard Law professor and her daughter, a personal-finance expert. It talks about what people should do that don’t make enough money to put away into savings. They speak about many issues, including how much to spend on the small stuff. They also talk about how to set your own budget and how much to put away. This article is also relevant to making a budget. The questions asked in the article, are questions I would ask if I was making a budget. It also gives an experts opinion on what to do and what not to do. Although this...
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...Discussion Budget, Savings, etc., what are the definitions of these terms? According to an article entitled “Financial Literacy to Everyone” at www.practicalmoneyskills.com, budgeting is plan for your future income and expenditures that you can use as a guideline for spending and saving. Budget came from the old French word “bougette” which means purse. It is practically, a plan and list of all planned expenses and revenue. It is a plan for borrowing, saving, and spending. So why Budget? An average student spends his allowance for books, student housing, tuition fee, and food. These are all expenses encountered not only by students but, in general, most of the people in the world. There are generally three types of expenses usually faced by students, the Academic, Living, and Personal Expenditures or Costs. Academic Costs are usually what eats up the total budget of students. It contains the different expenses that are required in able to carry out a student’s academic life. It varies from tuition fees until the very miniscule expenses utilized for photocopying hand-outs from your professor. Living Costs, on the other hand, are expenses that a student need for day to day living however, indirectly related to academics. These include your expenses in utilities (e.g. electricity, water, and internet bills), personal care expenses (shampoo, soap, etc.), and clothing and food expenses. Lastly, Personal Costs are expenditures that are unique yet still a part of a student’s budget. This...
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...INTRODUCTION: The budget preparation phase starts with the Development Budget Coordination Committee (DBCC). It is headed by the DBM Secretary and its members are the Secretary of Finance, the NEDA Director-General, and the Bangko Sentral Governor, with the Office of the President for general oversight. The NEDA provides the over-all macro-economic assumptions with which budgetary levels are to be determined. They involve the projected Gross National Product (GNP) real growth rates, inflation rates, 91-day treasury bill rates, the London Interbank Offered Rates (LIBOR) rates, foreign exchange rates, population growth, and other economic parameters. The Department of Finance (DOF), the Bureau of the Treasury, the Bureau of Internal Revenue and the Bureau of Customs help the DBCC in determining the sources of financing. They project the revenues that will be generated for the budget year as well as the borrowings that may have to be tapped. The DBCC determines the overall economic targets, expenditure levels, the revenue projection, deficit levels and the financing plan. It submits them to the President and the Cabinet for approval. Once these are approved, the DBM issues the Budget Call. This requires agencies to prepare their budgets in accordance with the said guidelines, macro-economic assumptions, and ceilings. The DBM spells out guidelines, procedures, and timetables. Agencies undertake their own internal consultations. They rank programs, projects and activities using...
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... 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. The best communication under...
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...have Over 6 years of experience in group financial accounting & Financial Management in varied industry area including month end and year end consolidated reports, balance sheet reconciliation, fixed asset maintenance, budgeting and forecasting, GST/BAS and payroll tax, cash flow reporting and variance 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...
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...Home Rule City, a city with an adopted home rule charter for its local self-governance. In addition to being a Home Rule City, the City of Kyle also operates with a City Manager form of Government. The City Council is comprised of a Mayor and six Council Members. The resident voters choose the Mayor and three Council Members at large and the other three Council Members are elected from their prospective districts. The goal of the proposed budget for the City of Kyle is to maintain the current service levels for all necessary city services. The goals and objectives of the City is the guideline for forming the City’s yearly budget. The budget projection is slated to significantly improve the city’s local business climate over the next few years. Most of the city’s growth stems from workers in the nearby city of Austin, TX, where real estate and property taxes are slightly higher. It is best for the city and it’s implementation partners to be flexible given the needs and demand of the economy and market. Kyle’s adopted annual budget will require...
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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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...Part I: The Operating Budget for the City of Kyle Texas PAD 505 Public Budgeting and Financ Introduction The city of Kyle, Texas is on its way to becoming a full service community with targets to continue to grow their quality healthcare, higher education, and retail industries for the benefit of the local residents. According to the City Kyle website, Kyle is home to over 60,000 persons with a projected growth rate of 6.9% between 2010 and 2015 (www.cityofkyle.com). These total conflicts with the US Census website, which reports the City of Kyle was home to 29,293 residents in 2011, and had a projection growth of 4.6% (www.census.gov). Following the US Census calculation the population rate for the City of Kyle would project the 2012 population rate to be 30,640. The two totals conflict sufficiently and will evidently cause some confusion with the projected outcomes. The City of Kyle is considered a Home Rule City, a city with an adopted home rule charter for its local self-governance. In addition to being a Home Rule City, the City of Kyle also operates with a City Manager form of Government. The City Council is comprised of a Mayor and six Council Members. The resident voters choose the Mayor and three Council Members at large and the other three Council Members are elected from their prospective districts. The goal of the proposed budget for the City of Kyle is to maintain the current service...
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...Quick-Start Budget Your irst budget! It’s also the simplest, so you can relax now. It’s time to get your feet wet with budgeting. This form is only one page, but it will show you how much money you need every month to cover necessities. While your mortgage or rent is listed here, we won’t get into the details of your credit card bills, student loans, car payments and any other debt yet. The Quick-Start Budget is just your starting point. step 1 Write down what you’re spending for the month in each of the categories listed (A). If you don’t know exactly, just make your best guess. We’re keeping it simple for now. Food Transportation Charity Personal Insurance Debt Envelope Housing Medical Recreation Savings Clothing Utilities Envelope UTILITIES Electricity Gas Reality Check A Budgeted step 2 Write the total for each category in the Total box (B) and move on to the next category. See? Easy! b Internet Cable TOTAL step 3 Add up all eight of your total boxes and enter that number at the bottom in the Category Totals box (C). This shows you how much you’re spending in a month for your basic necessities, not including any kind of debt. We’ll get to all that later. c CATEGORY TOTALS Quick-Start Budget Taking control of your money starts here! Food Transportation Charity Personal CHARITY Insurance Debt Envelope Housing Medical Recreation Savings Tithes Clothing Add up budgeted column & enter here Budgeted Food These icons represent good opt Transportation...
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...these resources are managed is one of the keys to assessing how well an organization is performing. The first part of this unit explores the range of human, physical and technological resources for a selected organization. You will investigate the importance of managing these resources efficiently and the contribution that recruiting and retaining suitable staff can make to the organization’s performance. The importance of managing the physical and technological resources efficiently is also explored. The level of an organization’s performance can be seen in its financial statements and the second part of this unit will develop your knowledge and understanding of them and highlight the need for the monitoring and control of costs and budgets. Scenario 1 You have obtained work experience as an assistant in a Recruitment Agency. One of the Agencies more important clients, ASDA, are wishing to change its recruitment procedures and have asked the agency for some advice. You have been asked to assist ASDA by producing material for The Human Resource department which explains the purpose of key recruitment documents and also in testing their recruitment procedures. P1 describe the recruitment documentation used in a selected organization Employing the correct...
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...of an analysis of the company budget, identification of key variances and findings, and suggestions on operational changes. A description of the budget process will be presented to pinpoint variances and their causes. Based on these variances, operational changes will be suggested and explained while considering business ethics. Recommendations on particular component production as well as nonfinancial performance measures will be made and accompanied by supporting evidence. First, the following is a brief overview of the budget and budget process. Budgets are an indicator of the costs and revenues linked to each of the companies activities and a way of providing information and supporting mangement decisions throughout the year (Nobles et al., 2014). Budgeting requires managers to plan for the company’s future based on a formalized plan (Nobles et al., 2014). In order to begin this cyclical, formalized plan, companies must first establish their objectives (Nobles et al., 2014). Then the company formulates stratgies to achieve these objectives and creates a budget based on these strategies (Nobles et al., 2014). After the budget has been prepared, business operations (i.e. production, processing, etc.) begin and as financial periods end the results are compared to the initial budget (Nobles et al., 2014). Once the budgets are compared, the company can alter the existing strategy or develop an entire new one, and then continue on through the budget process (Nobles et al., 2014)...
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