List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation. Write a report explaining how the budget that you have developed contributes to financial management. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they? What software packages/ programs have you used when developing the budget and how did these assist?

Q: Managers should be closely involved in preparing their responsibility accounting budget. How true is…

A: Generally, managers should be involved in preparing their responsibility accounting budget.

Q: What do we mean by budgetary control?

A: Budgetary control seems to be a set of processes that ensures a firm's actual earnings and spending…

Q: Many accountants believe that the most important benefit of the master budgeting process is the…

A: Master budget: The master budget is the core budget that describes the full process of budget. This…

Q: The CEO of Barney the Dino Limited wishes to prepare a cash flow budget to estimate the company's…

A: Cash flow budget is the budget which shows the company regarding the flow of actual cash into the…

Q: The third task is a continuation of the study material which will teach the management trainees to…

A: There are numerous accounting technologies available to assist organizations in solving problems and…

Q: Which is the mostly likely purpose of budgeting? a. Assess the non-financial performance of an…

A: Budgeting refers to preparing a plan or schedule in order to estimate the income that can be earned…

Q: The chief executive of your company has asked you to recommend an approach to be used in preparing…

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: Which of the following statement(s) related to budgets is/are TRUE? O In preparing a master budget,…

A: A budget is prepared with a view to estimate the revenues and expenses of the firm over a particular…

Q: Why is it important that a firm prepares a budget and how they analyze the ongoing performance? What…

A: Budgeting is a financial plan that helps the organization in effective utilization of its resources.…

Q: Describe the importance of Budgeting in the Business

A: Budgeting entails planning in order to support an organization's planned goals. Every business must…

Q: Which of the following is a benefit of using​ budget-management software? ​(check all that​ apply).…

A: Benefit of Budgeted Management Software Budgeted management software helps to the management in…

Q: the chief executive of your company has asked you to recommend an approach to be used in preparing…

A: Definition:   Budget: Budget is the financial Planner for a future period. Budgeting helps in…

Q: Which of the following is NOT an objective of the budgeting process?  Group of answer choices a -…

A: Budgeting is a process to plan about the activities for the business with developing goals so as to…

Q: How can a company’s board of directors use the budget to influence the future direction of the firm?

A: Definition: Budget: Budget is the process of identifying, collecting, and summarizing financial…

Q: It is important for institutions to budget and to further have feedback by receiving regular…

A: “Since you have asked multiple questions, we will solve the one question for you. If you want any…

Q: Which departments are responsible for the ratios: liquidity, financing, market value, and…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: A company can expect to receive which of the following benefits when it starts its budgeting…

A: Benefits when it starts budgeting process: The benefit of budgeting process is to compare the actual…

Q: Why do the authors suggest that a thorough review of the firm’s chart of accounts, account…

A: The entire budgeting and planning exercise involves careful review and analysis of the revenues and…

Q: When the budgeting process is communicated according to corporate policy, the employees involved are…

A: The process of preparing budgets is known as the budgeting process. A budget is basically a…

Q: For this assignment you are to assume that you are involved in the preparation of your company's…

A: The issue is that the sales team is provided that the expected sales for the year and also there…

Q: Role of controller, role of chief financial officer. George Jimenez is the controller at Balkin…

A: Role of controller:A controller is responsible for conducting the activities related to accounting…

Q: How does budgeting help management coordinate and plan business activities?

A:

Q: Explain why it would be beneficial to prepare a cash forecast, or a cash budget, for an…

A: There are various reasons why cash forecast or cash budget is to be prepared. But the primary…

Q: Although most new businesses begin on shoestring budgets and the accounting is typically done on a…

A: The cash basis accounting is one where the revenues and expenses recognition depends upon cash…

Q: Explain what responsibility accounting is and how budgets are used in responsibility accounting. How…

A: Responsibility accounting: Responsibility accounting includes accounting and forecasting. It assists…

Q: A company is planning to prepare Budget for the year 2022. In the budgeting and planning process,…

A: The strategic plan is the planning report that specifies the organizational goal, the procedure of…

Q: Identify five areas of Organisational policies and procedures that could be relevant when preparing…

A: The Budget is the estimation of future expenditure and income with the different level of sale or…

Q: Evaluate how a typical budgetary process is undertaken in a business organisation.

A: Budgetary procedure refers to the means through which the branches of executive and legislative…

Q: very important role of the cash budget is to     a. Determine how to finance dividend payments b.…

A: The cash budget is w budget prepared to know the cash receipts and payments into the organisation…

Q: While the operating budgets reflect the operating activities of the company, the financial budgets…

A: Cash Flow Statement - Cash Flow Statement includes three major activities like operating, Investing…

Q: A very important role of the cash budget is to   Determine how to finance dividend payments Plan…

A: Cash budget - Cash budget helps the business in managing its cash flows. it also helps in planning…

Q: Which of the following best describes the role of top management in the budgeting process? Should…

A: Correct option is 3.Should be enthusiastic and committed to the budget process

Q: Please select the correct answer “Communication” a.is when a department is willing to prepare a…

A: Communication is the mutual exchange of information between the sender and receiver. Communication…

Q: Development of Budget

A: Budget is prepared to make projections of income and expenses of an entity at the discretion of…

Q: It is important for institutions to budget and to further have feedback by receiving regular…

A: Budget is referred to as an estimation of an expenses as well as revenue over the particular future…

Q: In the financial planning process it is critical to… 1- follow past budgets 2- allow new ideas to…

A: The statement which we prepare for the purpose of estimating the expenses and income of a person or…

Q: In general terms discuss the role of the Public Financial Management Reform Program (PUFMARP) and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Classify the following activities as primarily managerlal accounting or financlal accounting: a…

A: The procedure of documenting, categorising, summarising, evaluating, and reporting financial…

Q: What justification you would give to the firms board of directors for creation and maintenance of…

A: Training and development is the process of educating the employees about the work and culture of…

Q: Use the guiding questions below to develop recommendations based on the June budget to help the…

A: The budgeting process begin where the previous accounting period ends and the new accounting period…

Q: Discuss reasons why companies would establish a formal budgeting process for their businesses.

A: A business budget is a dynamic financial plan that is used to forecast a company's expected income…

Q: Select all of the benefits of budgeting. Facilitates the coordination of activities within the…

A: Budgeting is the process of creating a plan to spend your money.   It is an estimation of revenue…

Q: What are the difficulties that might face by management accountant in budgeting process?

A: The budgeting process is used in financial planning which includes setting goals and gathering data…

Q: Definitions Terms 1. Planning future business actions and expressing them as formal plans.   2. A…

A: Budget is the estimation of Revenue and Expenses over a specified future Period.

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.