explain how the planning and budgeting process works (or should work) in a company of which...
explain how the planning and budgeting process works (or should work) in a company of which you are familiar. This can be an organization that you used to work at, presently work at, or researched.
Homework Answers
A budgeting and planning process for a Aerospace firm is like as
follow
First and formost thing to work on Revenue planning for the year doing comparative analysis of last year latest forecast in details discussion on product pricing and market share and growth year over year by country by line of business.
Then the detailes analysis on cost by every function and line item of income statment with functional owner and directors then we planned the working capital and balance sheet analysis while closly working with every leader like accounts payable team inventory at plant and accounts receivable team and capital market spend.
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explain how the planning and budgeting process works (or should
work) in a company of which...
explain how the planning and budgeting process works (or should work) in the restaurant industry
explain how the planning and budgeting process works (or should work) in the restaurant industry
Planning and Control- Budgeting Management and cost accounting requires the accumulation of costs for a number...
Planning and Control- Budgeting Management and cost accounting requires the accumulation of costs for a number of different purposes, i.e. stock valuation and profit measurement, decision making and planning and control. The budgeting process has been traditionally used to plan an organisations’ activities into the future. A budget can be described as an approved financial plan, reflecting expectations for a defined, future period of time. Budgets also serve an as important framework for performance evaluation and control by holding individuals...
Which of the following is NOT an objective of the budgeting process? Multiple Choice O To...
Which of the following is NOT an objective of the budgeting process? Multiple Choice O To uncover potential bottlenecks before they occur. O To ensure that the company continues to grow. O C) To provide a means of allocating resources to those parts of the organization where they can be used most effectively O To communicate management's plans throughout the entire organization.
Explain the purpose of using budgeting as a planning tool. Cite 2 examples of how management...
Explain the purpose of using budgeting as a planning tool. Cite 2 examples of how management can use budgeting when it comes to decision making.
Briefly explain briefly the alternative form of payment that you researched and how it works as...
Briefly explain briefly the alternative form of payment that you researched and how it works as an alternative to traditional cash. What are the advantages of this form of payment? Are there disadvantages or risks associated with the form of payment that you researched? As a consumer yourself, do you use any forms of cash alternatives? Which ones? Do you have concerns about the security of this payment method, and if so, what can you do to mitigate these?
Cosmic Corporation Is a new company that has not yet developed a formal planning and budgeting...
Cosmic Corporation Is a new company that has not yet developed a formal planning and budgeting process. They have asked for your advise on how they should proceed. Specifically, they would like to know in which order the elements of the system should be done. Required: Identify In which order the elements of the system should be done. Answer is complete but not entirely correct. Step Planning and Budgeting Element Evaluate actual results with the budget Step 1: Step 2:...
As you read, budgeting is an important planning and control tool. Tell me and the class...
As you read, budgeting is an important planning and control tool. Tell me and the class about your experiences with budgeting in a business environment. Do you or have been part of the budgeting process? Within the master budget of the organization, what was your role and responsibilities? What did you find the biggest challenge with budgeting? If you have not been part of the budgeting process before, what you believe would be the biggest challenge? please can make it...
Strategic planning is nothing but the process by which the organization define its strategy and allocate...
Strategic planning is nothing but the process by which the organization define its strategy and allocate its resources appropriately to proceed with the strategy. Strategic control is the process of controlling the formation and execution of strategic plan. Strategic control system helps in handling uncertainty and ambiguity in the control process. Strategic planning is done based on the following:- The current status of the organization in terms of profits, success, reputation, etc. • The long term goals of the organization....
24. There are many roles played in the planning process for a typical company. Depending on...
24. There are many roles played in the planning process for a typical company. Depending on the organizational level, the planning focus and the effort devoted will be different. Which of the following statements is true about planning within an organization? a. In their role in the planning process, top management focuses on short-term operational objectives for the company. b. Only top management spends time focused on strategic and operational planning activities for the organization. c. Middle management employees spend...
What is the value of budgeting? Who should prepare the budget(s)? How does the budgeting process...
What is the value of budgeting? Who should prepare the budget(s)? How does the budgeting process begin – where do the numbers come from? How often should the budget be revised?
Which of the following is NOT an objective of the budgeting process? Multiple Choice O To uncover potential bottlenecks before they occur. O To ensure that the company continues to grow. O C) To provide a means of allocating resources to those parts of the organization where they can be used most effectively O To communicate management's plans throughout the entire organization.
Cosmic Corporation Is a new company that has not yet developed a formal planning and budgeting process. They have asked for your advise on how they should proceed. Specifically, they would like to know in which order the elements of the system should be done. Required: Identify In which order the elements of the system should be done. Answer is complete but not entirely correct. Step Planning and Budgeting Element Evaluate actual results with the budget Step 1: Step 2:...
24. There are many roles played in the planning process for a typical company. Depending on the organizational level, the planning focus and the effort devoted will be different. Which of the following statements is true about planning within an organization? a. In their role in the planning process, top management focuses on short-term operational objectives for the company. b. Only top management spends time focused on strategic and operational planning activities for the organization. c. Middle management employees spend...
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