This will be related to the 2016 Nigerian budget that had led to controversy in Nigeria. Plans can be described as the method of acting, making or starting something. Future objectives can be described as what we want to achieve in the future. It is also important to have an expected outcome so as to compare with the actual outcome of our plans. STUDY QUESITIONS 1. What are the purposes of budgeting? 2. What will happen if there are no budgets before taking actions? 3. Who are those
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Berkshire Toy Company case questions 1) Using the variance analysis framework developed in class, perform a revenue variance analysis for (i) retail & catalog revenues, and (ii) wholesale revenues. For each analysis, report all five variances (total, activity, mix, price, and revenue), and label each one as either favorable (F) or unfavorable (U). (No label is needed if variance is $0.) Budgeted Sale Mix: Retail & Catalog = 238,000/280,000 = 85% ($49.00) Wholesale = 42,000/280,000
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Stacey McDade HCA-240 04-17-2016 What is your role as an administrator in creating an operation budget? *The role of a hospital administer for a non profit level 1 trauma center is to plan and monitor day to day activities, personnel and supplies. This process of planning a budget typically is written out for a one year time frame. The administrator needs to assess revenue and expenses as well. For this hospital the administrator would need to make sure the time a patient is occupying a bed. Every
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improvements in information technology that require large capital outlays is to appropriately plan for such an event. Healthcare facilities need to transition from the mentality that IT upgrades are merely something that need to be squeezed into the budget somehow, and actually create a meaningful plan that will transition IT from an “as needed” task to an ongoing process (Shimamoto, 2012). The second step would be to identify what management’s goals are in order to align their IT strategy with their
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owners of the innovative Learning Center daycare facility. With a large number of female workers and family men, the twenty-four hour daycare was intended to reduce turnover, absenteeism, and tardiness of parent workers. The Learning Center’s annual budget was in excess of $400,000 for the original 162 employee children. In July 1988, enrollment to the child care facility was extended to the community with substantial tuition discounts offered to all employed parents. Employee and community approval
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explain principles of the beyond budgeting and evaluate its usefulness in practice. In order to conduct beyond budgeting, five principles are proposed. Firstly, the beyond budgeting suggests applying rolling budgets to replace annual budgeting. Rolling budgeting breaks down annual budget by months for the first three months, and by quarters for the remaining nine months. The beyond budgeting employs wider range of non-financial measures as well as some financial measures for control. Non-financial
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P3 Use accounting data and statistical information to measure business performance. Monitoring a business current performance is very important due to the fact that it helps to keep the business stable. An organisations previous years data or information on sales income and costs is very essential to monitor the current performance of a business. Historical information of a business sales income and costs tells the business the amount of income they have acquired and the total amount of their
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clear definition of a manager’s authority and responsibility. (ii) The production of performance reports at frequent intervals comparing actual and budget costs for individual expense items. Variances should be analysed according to whether they are controllable or non-controllable by the manager. (iii) The managers should participate in the setting of budgets and standards. (iv) The system should ensure that variances are investigated, causes found and remedial action is taken. (v) An effective cost
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approaches to budget setting? Budgeting Budgeting is a formal process in which a company's expenses and revenues are planned for the future. Top down and bottom up are two most common budgeting techniques. In the top-down approach, upper management prepares budgets with no input from employees or lower-level managers. In the bottom-up budgeting approach, managers and employees at the department level prepare budgets for their individual departments. A final, organizational budget is prepared by
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function. In budget preparation, sales forecasts were made at the corporate headquarters to ensure that all divisions had the same assumptions and that forecasts were reasonable and achievable. This would then be given to division general managers who would cross check this with data prepared by his subordinate district sales managers. This would then be submitted to the corporate level for approval. Once approved, budget was broken down into plant level sales budgets. Plant budgets were then submitted
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