Essays on Budget

1. As someone who recognizes the need to learn how best to manage money in order to survive and thrive in today’s economic climate, I am extremely interested in the realm of personal finance. While it may not seem to carry the challenges and complexity of corporate or public finance, I believe that personal finance carries equally significant stakes for the people whose finances are being handled. Teaching people how to budget, where and how to set up retirement funds/IRAs/401(k)s, and so on are extremely valuable skills that I wish to learn more about, as they ...

The article highlights the change in tax rates in the recently announced UK budget. The Conservative Party, since 2010, had focused on debt reduction during budget planning. This had led to adverse impacts on the country’s growth. As a changed strategy, the new budget aims at boosting the nation’s economic growth. To achieve this objective, the government has lowered taxes for the people in topmost income-tax bracket and also on businesses. Personal-income tax rate, for incomes over £150,000, have been reduced from 50% to 45 % for April 2013. This, however, entailed a political risk of being marked as a ...

The PMI’s Project of the Year Award recognizes and honors successful projects and the teams that employed superior elements of project management. The eligible projects must have a budget of more than $100 million, be of any type and industry, from all over the world and demonstrated exemplary project management principles. The 2008 Project of the Year Award went to Hatch, an engineering consulting Company based in Ontario, Canada (Project Management Institute, 2008). The Sorel Tracy, Quebec, a Canadian metallurgy company was seeking to increase the capacity of their highly sought after commodity while it was still in operation. The ...

Question one

Capital budgeting is a process that may be defined by proper understanding of the terms; capital which means the initial investment needed to kick start a business activity and budgeting which is the process of aligning resources to meet a given business goal. Capital-budgeting may be defined on the bases of the goals of a project, which are supposed to define the value of a project to the firm. Proper understanding of capital budgeting decisions is helpful in definition of the strategic decision of a firm.

Various processes should be taken into consideration while defining the use of capital-budgeting process useful in defining projects ...

Every company prepares a budget plan for their accounting period. This helps firms to stay focused, and ensure resources are managed at an optimal level. If companies did not have a budget plan before beginning a project, they would face with difficulties that would limit the effectiveness of their performance. Standard costing is used alongside actual costing and is used in; budgeting, inventory costing, overhead application, and price formulation.

A budget always consists of standard costs as it is impossible to create a budget with actual costs. At the time of budget preparation, companies have to forecast costs and then these are ...

A developed country is known by the growth and the level of its economy. Economy of the United States is the world's largest single national economy. The United States' nominal GDP was estimated to be $17.1 trillion in December 2013. Budget deficit affects the taxpayers to a great extent this is because government spending exceeds all the revenue. This forces United States government to increase taxes on the taxpayers. The deficit affects taxpayers forcing them to dig deep into their pockets to increase government revenue. This will, therefore, enable the government plan for its appropriated financial activities. The government will ...

Answer 1)

With depreciation expenses cosndiered, the cash flow for second year was $624688. However, if there were no depreciation expenses, in such case the annual cash flow would have been: [Sales- Cash Expenses- Taxes]= $5,25,000 ii) If depreciation is excluded from the analysis, in such case this will increase the national income but will decrease the annual cash flow in the absence of depreciation.

Answer 2)

NPV Analysis is the most popular tool of capital budgeting analysis and aims at providing maximum value to the shareholders by accepting only those projects which have positive Net Present Value. ...

Lesson title: Training on budget

Learning objectives: Cognitive Lessons’ main points: - Introduction to simulators and training on budget - The use of simulators machinery during training - Reasons for the preference of simulators over real machines - The need for simulators when training air and navy students - The cost effectiveness of simulators and how it is effective as compared to the real equipment - Conclusion with general remark on the importance of training on budget

Introduction

Training on budget is an article that focuses on how training can be done while considering the amount of money ...

In response to this situation, a person eats healthfully even if the budget is limited to $40 a week. An average person may eat healthy, hence nutritious foods that cannot be too costly. One good example of budget-wise food is vegetable. People must learn to how to eat based on the physical body needs, not based on what the psychological appetite wants.

Fish is a good example of a healthy food that will fit the budget. It is will supply enough nutrition that are good for glucose transportation and for RNA and DNA metabolism. This will avoid damage to the brain and ...

Introduction

The essay is a proposal that will be used to seek for financial backing from a producer so that the play,” our town” will be acted to appear more solid and interesting to the audience. The aim of the play is to attract more viewers and this makes its production to be arranged in an orderly manner. When there is enough financial support, the play will be organized in a fantastic way and it will not need famous actors to draw large crowds where it will be stage managed. The play requires a pitch-perfect cast and as the director I am packed with ...

A budget is a qualitative plan prepared for a given time. Most of the organizations and the state prepare budgets expressing their financial terms every year. Budgets can be used for various purposes, which include, planning; a budget forces the organizations and businesses to look to the future. This helps the management from poor coordinated planning. Budgets are better tools of controls in the state. This is where, organizations actual controls are compared against the budgeted, and appropriate actions are taken in case of any variance (Alexander, 2014).

In this case, the budget would help in acquiring detail information about where ...

Summary

This project proposal is for the designing of a top-down network that the matches the business needs for the proposed network system. The scope of the design project and the corresponding budget fit for the project will be subjected to review by the stakeholders.

Proposal Guidelines

This will be an open and competitive process with the price quotations inclusive of all the fees and charges for operation after selection. The requirements of this RFP and the subjects of the positive reactions are deliberated and offered for addition in ultimate contractual responsibilities.

Contact Terms

The business will negotiate agreement standings upon selection by the committee. ...

Personal budget is one of the important documents that help in distribution and allocation of resources. It is worth noting that a people have problems allocating their resources. It is worth noting that people have problems in life, especially when they have jobs and many responsibilities. Individuals in some countries graduate with many debts, making it very difficult for them to allocate their limited resources and income. Life can sometimes prove to be very complex. As people grow, and responsibilities continue to increase, individuals tend to realize the importance of personal budget. Not keeping personal budget can lead to the ...

Owing to the rapid technological advancement and the subsequent change of roles within the workplace, there is a need to adopt new strategies that will cater for the new requirements necessitated by such technological advancement. The CIO's role in the company has greatly changed to suit the new format defined by those advancements. To cater for these changes, Penguin Company should seek to implement a set of recommendations to avert the possible threats and strains that could potentially harm the operations of the company.

Firstly, the penguin company should seek to recognize the new role of the ...

Presentation Made to the Team at Cygmax IT Solutions London

An effective sales presentation has the potentiality to convince the customer regarding your company and product you are going to sell them. It gives all the details regarding the product and tries to persuade the customer as to why your product is the best in the market. Sales process has been developed basing on the engineering discipline (Selden 1997). The current report is the sales presentation of Royal Orchid (Royal Orchid) Hotel of London to a team of executives from Cygmax IT Solutions (Cygmax) based in London. Royal Orchid has its hotels spread across the world. Similar is the case ...

Q1. Government agencies and organizations that discourage whistleblowing do so at their own peril. If a bureau’s employees are unable to raise concerns on wrongdoing in their area of work, a scandal is going to erupt in the media. This could throw its reputation into tatters. Organizational leaders as an evolutionary well governance advancement in management are continually adopting policies that encourage whistleblowing. To this end, therefore, whistleblowing is the act of an employee alerting their employer, a media person, a customer or a regulator about an illegal activity taking place at their work place. Its popularity among public sector agencies is ...

Introduction

One is called a manager because of the responsibilities and duties he/she carries out. It may be supervisory or implementation duties. (Shapiro, J. 2001). Regardless of the amount of resources the managers will require to accomplish set goals, they should be able to produce a document or statement that reflects how the future operations of the organization will be carried out. Future expenditure and income of the organization should also be noted in the budget. (Shapiro, J. 2001).

In general terms, a budget is a financial document whose key purpose is to translate ideas into financial gains. (Curristine, T. 2007). A budget ...

Introduction

Budgeting is an integral part of public programs. The concept of budgeting emanates from the principle of scarce resource planning. According to Rubin, budgeting helps in efficient allocation of scarce resources and suggests choice between potential objects of expenditure (Stillman II, 2009). Public budgeting is essential as public administration have limited resources that need to be allocated to public programs. The prioritising of public programs in line with what the citizens want and required fund allocation to carry out the programs effectively constitutes the essence of public budgeting. However, as argued by Rubin, there are challenges of public accountability ...

Implementing the process of schedule and cost control

Process Scheduling involves all the activities that are used to organize the nature and sequence of occurrence of different processes during the production processes. It is mainly concerned with organizing the sequence of execution of events. Process scheduling begins with work breakdown structure which defines the project activities according to the project’s scope. The execution of the activities also needs to be established. The costs of each activities is then determined and the duration of each activity estimated. Once all these have been laid down, it is therefore possible develop a reasonable schedule which can serve as a schedule control. ...

Developing a budget is very vital for any business; it helps the organization to keep track of its incomes and expenses. Having a budget in business is very important because, it will help in achieving the set objectives and plan ahead. A flexible budget is appropriate in future planning. It makes comparison between the original budget and the actual results. A flexible budget assists management in gaining insights into why the actual results differ from the planned performance (Wainwright, 2012).

Differences between flexible budget and static budget

- Only one level of activity is used in static budget. While a flexible budget is developed using budgeted revenues or ...

The board and the health officer should make sure that they have addressed the most urgent issues first. These should be the issues that if they are postponed they may affect the functioning of the whole health system under the jurisdiction of the board. The most important issue that the board should address is the budget. The health officer and the board should make sure that the budget has been presented, discussed, amended if necessary and approved. The county’s fiscal allocation process is coming up, and funding requests from the approved budget should be made. This means that ...

- Mention two of the most common capital budgeting methods, and list some situations where these methods are used more often. When it comes to capital budgeting, a lot of businesses follow academic theory, using the well-known methods of Internal Rate of Return (IRR) and net present value (NPV) practices to weigh new projects. As you can see in the article that a survey showed that the ‘respondents cited net present value and internal rate of return as their most regularly used capital budgeting techniques; 74.9% of CFOs always or almost always used NPV and 75.7% always or almost ...

Introduction

Among the different expenditure heads of the Federal Government, we are mainly concerned with Public Investment expenditures and Entitlement expenditures here. Public Investments expenditure is those as in public projects (building of roads, bridges, schools, hospitals etc.) which are direct investments. Expenditure is also incurred in indirect investments i.e. investments in sectors like Education, Healthcare, Food and Nutrition, R&D, etc. which may not show a direct value return as they are intangible, but are vital to nation building. On the other side, we have the entitlement expenses which is payable to beneficiaries who is entitled to them as per ...

Response

The $9.9 million reduction in budget allocation makes one of the things that caught me by surprise. A closer analysis of the budget reveals that security/counter-terrorism grants have reduced dramatically from the 2013 values. The other most surprising thing is that the budget for communication was also reduced in 2014. Common knowledge would suggest an increased funding in communications and counter-terrorism programs. The capital program also surprised me since the department seems to have an elaborate ten-year plan that underfunded. Further, I was surprised to note that administration of the police department increased in budget allocation. The budget shows a ...

Exchange rates act as conversion basis between two or more currencies that vary in their values. The difference that exists between both currencies is what demands a substantial conversion rate. Ideally, the current conversion rate is deemed to be 9.9 -13.9. The two currencies which are deemed to be subject in the conversion are the United States Dollars and the Pesos. Ideally, the currencies are a member of the global currencies that are used in economic transactions within and outside the country. Therefore, there is a state and rate at which trade takes place between the two currencies. It is wrong for ...

Activity Summary

Projects initiation was the first activity that we engaged in. It was undertaken after a SWOT analysis of the hotel identified that the POS project was the most valuable and most favorable at that time. The next activities that followed were project scope documentation, project approval and signing off. These activities involved definition of goals and assigning of tasks. They also involved the dividing the project into baselines (technical, functional and management and cost baselines). Project plan execution involved a number of activities that included the following: getting bids from suppliers, auction, procurement closure, enterprise information infrastructure design, training of implementers, ...

Introduction

The primary purpose of this project audit method is to carry out a systematic inspection of a point-of-sale at a hotel to assist in automating services. The hotel has for a long time been using an over-the-counter register in its interactions and a manual inventory for its suppliers. The new technology offers a new way by which to increase the speeds of transactions and accuracy of the orders. Installation of the new electronic point-of-sale is done in a bid to maximize customer experience and take control of the inventory, and secure the systems at all points of entry. The electronic point-of-sale would enable the management of ...

United States Air Force is a branch in the US Military (United States Armed Forces). It is amongst the seven American uniformed services entitled to offer aerial warfare services to USA. Of all the US Armed Forces, it was the last to be formed but again the largest. It is the best Air Force technologically worldwide. Like any other institution, the US Air Force makes both short-term and long-term budgets to aid it in achieving its short-term and long-term goals respectively.

These budgets are meant to assist this military arm to fully attain its capabilities, which include surveillance, reconnaissance and ...

Introduction

Purchasing and supply management plays an important role in operations of companies because other functions of the companies depend on the procurement function. In this paper a number of issues will be considered including the role of supply management in the operational process, the strategies of negotiating prices, budgeting supplies, materials, and service, outsourcing procurement function, and the best supply management practices with examples. Supply management is one of the core functions of the company. The information presented below will attempt to justify the importance of supply management function.

Question 1

Purchasing and supply management is an important part of the operational ...

Introduction

Budgeting performance is crucial in determining an organizations ability to serve its core purposes among them customers and employees’ satisfaction. In addition, understanding the relationship between accounting, finance and the organization’s operating budget is crucial as it enhances strategic planning in view of all the three aspects. In that view, this study demonstrates how the budget performance affects employees’ satisfaction and patient care with reference to Patton Fuller Community hospital. In addition, the analysis explains how accounting and finance are related to the organization’s operating budget.

Analysis

- How the budget performance affects patient care and employee satisfaction

The plan to increase the nurse pay by $1 while retaining ...

1. This case concerns decision making with regard to public budget in order to arrive at a decision that competently addresses the financial needs of the Gaston county of Carolina state. The case involves finding means to balance budget requirements in order to arrive at a suitable budget that precisely addresses financial situation of Gaston County.

2. The political context of this case revolves around seeking the most appropriate procedure to address the needs of the public. For instance, debates are raised regarding whether or not to increase taxes. Elected county commissioners are bestowed with decision-making responsibility in order to harmonize ...

A few speakers spoke at unnecessary length, though given some of the issues that may be arguable. The board members remained authoritative but respectful and while the citizens did seem frustrated at times, they also did their best to remain respectful. If somebody talked out of turn they were told, calmly, that they had to be recognized by the chair before speaking. One citizen did seem to get overwhelmed by his anger but had the wherewithal to remove himself from the podium over the issue concerning the head coach before he said anything that may have caused the problem. ...

How convincing is the proposition put forward by both these writers that coordination and motivation of business activity is achieved predominantly through organizations rather than the market and what relevance does this have for you as a student of

Management

Introduction Coordination is the synthesized manner in which many related items are joined together to create a larger item and in unison have semantic linkages that are similar with the rest of the neighboring aspects (Olson et.al, 2001).

Taking for instance the Nigerian government, it has changing phases of governance. This is because of the poorly performing political parties that face ...

Final Plan and Presentation

Abstract Early childhood requires close attention for a healthy and good up bring of a child. It ensures the child is free from harmful objects and infections as they are taken care of by qualified personnel. The introduction of childcare facility aims to help children to go through their childhood under intensive care. Project control plan tend to provide a standard and high quality facility. The policy set from the authority and consent from the stakeholders is the basis of the plan and are employed. Upon completion, facility will is targeted to serve 97 children daily of different ages up to a ...

- Budgeting helps in making proper planning decisions leading to efficient and proper utilization of resources within an organization. - It helps in coordination of different departments and activities within an organization so as to achieve desirable performance. - Budgeting encourages division of work among workers and specialization resulting to increased efficiency. - Information provided in budget estimates helps decision makers to make well informed decision making. - Budget enables management to compare the performance of different departments within its business.

Difference between a continuous budget and a perpetual budget

Continuous budget allows for revision of information contained in the budget once the period ...

Overview

In developing a schedule and a budget, there are different important tools that are essential in ensuring that there is effectiveness. To have a budget that meets the predetermined objectives, it is important to have a baseline operation strategy that would ensure that there are no deficiencies in either during the schedule and budget development or after. There are a number of tools that can be employed in developing a schedule and a budget. Some of the tools that will be used in this case include revenue projection tool, capital budgeting tool, cash flow forecast and profit and loss projection tool.

Revenue projection tool

It is a tool that is ...

According to an expert opinion, spending of up to $5 Trillion can be cut in the federal budget by reducing the amount of discretionary spending. The major overhauls can be done in the medical field. There is also a need of 2010 health care reforms. Similarly, there is also a lot of military spending that is being done due to the USA fighting wars in various countries. There is a lot of money going in Iraq, Afghanistan and other countries. It is better that the USA stops a lot of spending in such countries because it is like a suicide attack on their ...

Economics is a king subject which has its recognition and importance lies in almost every walk of life. There is no single definition of the term economic exist in this world. According to the majority of the people, economics is the name of how to earn the money and how to consume it. There are two different types of economics, which particularly are macroeconomics and microeconomics in total (Wessels, 2006). Microeconomics is the name or branch of economics that associated with the economics of the individuals as a whole, while macroeconomics is the name of dealing with the branch of economics ...

Submit a draft of an event budget for the event you have chosen for your final project (Wedding). Your event budget will indicate the needed funds to operate the event. Submit a draft of the event budget for your course project.

The final project undertaken is the wedding event. Since the program is done at the personal level the event is not-for-profit event and the inflow of fund is exactly matched with the outflow of fund. Here the income for the event is inflow of fund out of which total expenses is made. There is no markup percentage in-between of the ...

Non Financial Performance Indicators

Financial measures of performance may mislead the stakeholders because they only tells us about the performance of prior periods but in order to gain a wider perspective of performance the following Non Financial performance Indicators would be appropriate;

Competitiveness

The company should evaluate its sales growth by products and services in order to understand its market share and size of customer base. There is a possibility that company has more expertise in the assembling of plumbing parts. The import of final products is a general business and always has threats from new entrants. It is also necessary for a company to find out its ...

Question One: Public Budgeting

The budgeting process goes through different stages. It goes through five strands namely the decision making, revenues, processes, balance and implementation. In all these process, Rubin asserts that the chief tension would often be between public accountability and public acceptability. While public accountability refers to the implementation of the budget through expenditure as agreed in the budget, public acceptability refers to the concept of incurring expenditure as per the wishes of the people, that is, the taxpayers. However, the budget process is complex and complicated making the interface between public acceptability and public accountability uneasy. It is on that ...

A financial reporting system refers to an established system of presenting an organization’s financial data, its operating performance and its flow of funds for a given accounting period. This system is guided by a set of accounting standards that dictate how particular transactions are reported in financial statements (Miller and Bahnson, 2002). The major components of financial reporting systems are the balance sheet, income statement, statement of retained earnings and statement of cash flow.

An operation budget is essentially an estimation of operations costs. The management can use this type of budget to measure variances with the actual operation costs ...

Budgeting is the process of planning on measures to accomplish programs related to objectives of an organization. Government officials adopted the public budgeting to allocate the scarce resources to achieve the government’s goals at a given period. Public budgets serve a vital role in governance of a country. Public budgets are contracts agreed upon by both the legislative and executive officials to raise and spend funds on public projects, within a fiscal year, usually from July 1st to June 30th. Irene Rubin argues that accountability and acceptability of a public budget is hard to achieve among the public administrators, and the government needs ...

Prisons were introduced in the 1700s as correctional facilities to punish and mould the behavior of lawbreakers. A prison administrator is an individual charged with the responsibility of maintaining order in a prison. Titles such as superintendent, governor, and warden are used in reference to prison administrators. The most important goals of prison administrators are maintaining control over the prison system, offering care, and managing custody of the inmates (Cornelius, 2010). The achievement of these goals, however, depends on factors that affect the administrators. These factors include the problem of overpopulation in the facilities, issues among inmates, and inadequate budget ...

Differences between managerial accounting and financial management

These terminologies are accounting terms that are commonly used by the management as they assess the financial performance of the company. Financial management is the management of funds of the organization in an efficient and effective way so as it may be generative and yield earnings. Managerial accounting is an accounting branch that mostly deals with confidential documents and reports that are usually for the top management use.

Financial management deals with the presentation of the financial performance and position of the company to the public/ external users who are able to gain information about the company through the ...

The project schedule has already been created as well as the project budget. This meet the criteria provided for by the project sponsor. However, two issues have come up. The first is a budget Cut. The client has instructed that the project costs must be reduced by 10%. The second is the loss of a Member of the Project Team. One of your team members is leaving the company immediately to take a position with another company

Milestones

General Information Based on the project scope, the project developed should be a suitable project for the organization. It should support the processes, services, and ...

Part I.

According to Hermanson (2011), static budget is based on the projected level of output and does not change significantly with the changes in activity, while flexible budget provides different cost levels, depending from the projected amount of output.

We may claim that Charter School Budget is flexible, as it suggests several scenarios, and reflects changes in cost structures depending on the amount of output. We may also observe that total revenues of the charter school are divided into two different types: revenues and grants. While the amount of revenues depends on the amount of students enrolled, the amount of ...

Introduction

Budgeting is regarded as a business management device that is used by various institutions in order to control their spending and maximize profitability. The budgetary analysis model analysis assists in evaluating the annual budget, which shows the planned expenditures, hence able to determine the institution’s revenue objectives. By formulating a thorough budget, department such as Radiology department, is in a better position to make critical decisions about choosing the most important expenditures and eliminating those expenditures that are not important (Palmer 2012).

Therefore, the management has to effectively apply the budgetary variation model to determine the unfavorable and favorable variances. In ...

Techniques for analyzing capital budgeting have changed a lot in due course. With different techniques, many analysts believe that techniques that consider the time value of money are more useful. Methods, like payback period, which is old, have a disadvantage of not using the time valuably and which at the end will fall. The older methods will be replaced by the newer and better methods. There are different capital budgeting techniques that investors use and there is no specific technique that every investor would be using. So it is the choice of the investors to select which method he wants to. ...

Introduction

In a typical investment setup companies are often faced with a number of investment options. In these situations, the companies usually have limited capital to invest in all the investments. The natural approach often is to invest in any project that promises a positive return at the end of the day. However, in cases where these investment projects are diverse and numerous, the company ought to settle for the best investment that would address their short and long term interests. Capital budgeting refers to the promise through which the companies select the investment option and undertake the implementation of the projects. The ...

The health status of the employees in any given organization determines a lot the progress to be realized in the organization. It is always prudent for the top management to put place measures to address issue related with the health care status (Dursi 2008). Majority of the organizations are carrying out health promotional programs and this if well implemented works to the advantage of the organization. In that, it will be easier to improve the efficiency of the employees since medication will always be timely (Glied 2008). Again, employees will not have to dig into their pockets in times of ...

Introduction to Computer

1. What features or functions of Excel do you feel will likely be most useful to you in helping you achieve your career goals?

A function of Excel which one feels will be most useful is the different features of the spreadsheet. The built-in formulas in Excel such as percentages, averages or growth rates are very helpful. Data input, especially those that involve a lot of numbers are easier with Excel. Charts and graphs will come in handy in making some analysis which one may encounter in one’s career. In deciding on whether to move from one job to ...

Tax Expenditure Budget: State of Illinois

Tax expenditure denotes the various tax breaks such as exemptions, credits, abatements, among others that are granted to individuals, institutions and various agencies for the common objectives of promoting equity and other taxation principles. In other words, tax expenditures have the predictable impact of reducing the revenue base which, otherwise, would have been derived from the forgone taxes. The tax expenditure is guided by a budget and the implementation reports are availed under the auspices of the Office of Comptroller of Budget of the State of Illinois. According to the available information, in the fiscal year 2011 alone, state agencies ...

Resource constraints tend to impede the success of project completion. Considering the scenario of bridge building over a river gorge, the resource constraints include material requirement, equipment, budget and personnel. Material requirement is a major constraint since specifications of various materials have to meet the bearing capacity for the supporting columns and soil structure. Equipment constraint is expected since it is a bridge and having equipment on both sides of the bridge to enhance work is challenging (Klein, 2000). Budget is another constraint since the estimated bearing capacity of soil strength may differ, which may call for requisition of additional materials beyond ...

Each project possesses unique objectives and a design. However, there are characteristics that cut across all projects. These characteristics ought to be taken into account when coming with the objective of the project. To begin with, whenever a company or an organization wants to implement a project, there are several ideas that are floated by the concerned parties. These ideas are discussed and ultimately the ideas are developed into project proposals. The proposals provide insight into aspects of the project such as planning, budgeting and management of the project. In addition to this, the project proposal also includes a schedule within which the ...

Project management is the art of organizing, planning and controlling resources for the achievement of specific goals (Bass, 2008, p.53). The process ensures that the available resources are managed and used effectively to ensure completion of the project within the time limits.

A project management framework is a tool used to monitor the progress of a project (Bass, 2008, p.53). It states all tasks required to be carried out, the timeline for each task and the persons responsible for the implementation of each task. The project management framework includes project conceptualization, planning, execution, monitoring, controlling and closing. In each area, the ...

Question 1.

The finance and budget constraints placed by the California government to its local government includes the revenue collection and revenue transfers. The local authority is supposed to collect revenues over a defined region. The revenue collected is required to be transferred to the state budget and financial authority for allocation. The local authority is required to use revenue transferred from the government, to finance its expenses. The state has an established a revenue transfer system that helps to monitor the revenue use at the local level. This helps the state to meet its budget expectations. The highest local expenditure which is ...

Question one: static, flexible and activity based budgeting

A flexible budget incorporates elements of change in the level of activities of the firm. The budget allows for its application even in the events the level of activity deviates substantially from the initial expected level of activity. On the other hand, the static budget is geared toward one level of activity. As such, the budget does not find application in scenarios where the activities deviate substantially from the expected level of activity. Activity based budgeting, on the other hand, employs the process of budgeting through the authorization of the activities which facilitate the attainment of the budgeted activities. ...

Managerial Accounting

A cash budget records the cash inflows and outflows expected to occur in the respective functional year. It suffices for the purposes of estimating, planning and laying control for the use of the cash flows of the company for the functional year. The cash budget preparation and development employs the technique that approaches budgeting through the functional units. The budgeting process, as such, involves the estimation of the expected cash inflows and cash outflows for the respective functions in the company. The budgeting process integrates the concepts of accruals and prepayments. The expected accruals and prepayments that would fall ...

The organization will be of a retail nature and it will be named Taste’s Locality. The naming of the organization is based on the products and services sold in this organization. This organization will actively serve baked potato sticks on the go and this will allow consumers to get a quick bite snack, which contains baked potato chips on a barbeque stick. The organization’s mission is to change the general outlook of the consumers of consuming potatoes and offer them a more healthy and convenient way of consuming potatoes (Alexander, 2011, pp 17). However, the organization’s vision is to accumulate ...