How should the budget activities be regulated

Assignment Help Financial Accounting
Reference no: EM13486664

Today, many companies face budgetary challenges on a continual basis. Two critical aspects that businesses lack are effective control practices and monitoring. You have been asked by your manager of the Money Cares Investment Corporation, to outline problematic or risk areas in the company's financial procedures. Upon reviewing the budget, you notice that there is overspending in marketing supplies, transportation, and workshop items that include hospitality items such as food and drink for the customers. Each investment specialist is given a company credit card for the above expenses but there are no policies established for monitoring. Money Cares is a small business of 8 employees: CEO, Financier, a manager, 3 investment specialists, and 2 clerical assistants.

For this assignment you must identify possible risks for the Money Cares Investment Corporation. In establishing an investment company, you must answer the following

• What could go wrong?
o Identify at least 3 possible risks.
• What must happen in order for the company to succeed?
• What are the company's most vulnerable areas?
• Identify the company's assets
• Where is the most money spent?
• How should the budget activities be regulated?
• Identify some budgeting issues including format, and budget monitoring.

 

Reference no: EM13486664

Questions Cloud

Prepare the financial statements for the gift shop : You are the newly hired accountant for The Gift Shop. The owner has just received the December 31, 2008 bank statement and has asked you to prepare the monthly bank reconciliation.
Find the energy expelled to the cold reservoir in each cycle : An ideal gas is taken through a Carnot cycle. The isothermal expansion occurs at 240°C, and the isothermal compression takes place at 50.0°C. Find the energy expelled to the cold reservoir in each cycle
Explain fully neutralize the calcium carbonate : Assume that it takes 64.25 mL of a 0.1555 M HCl solution to fully neutralize the calcium carbonate from one Tums tablet. How many milligrams of calcium carbonate are in the Tums tablet? Assume that there are no other ingredients that will react wi..
Find its moment of inertia for rotation on its hinges : A uniform, thin, solid door has height 2.40 m, width 0.900 m, and mass 22.5 kg. Find its moment of inertia for rotation on its hinges
How should the budget activities be regulated : Today, many companies face budgetary challenges on a continual basis. Two critical aspects that businesses lack are effective control practices and monitoring.
Define the production of fluorine-containing compounds : Carbonyl fluoride, COF2, is an important intermediate used in the production of fluorine-containing compounds. For instance, it is used to make the refrigerant carbon tetrafluoride
What was the mass of the block of ice : A heat transfer of 9.1 ? 105 J is required to convert a block of ice at -13°C to water at 13°C. What was the mass of the block of ice
What is your estimate of stock bs price : The current dividend is $1.50, its current price is $15.90. You are an analyst and believe that the required return on Stock B is the same as that on Stock A. If Stock B pays a constant dividend of $ 2, what is your estimate of Stock B's price?
Define the concentration of rm hconh_2 be at equilibrium : Consider the reaction \rm CO(g) + NH_3(g) \rightleftharpoons HCONH_2(g),~~~~{\it K}_c=0.860 If a reaction vessel initially contains only \rm CO and \rm NH_3 at concentrations of 1.00 M and 2.00 M, respectively, what will the concentration of \rm H..

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the amount of interest revenue

The PV of $1 at 10% for 3 periods is 0.75. What is the amount of interest revenue that should be included in Abel’s 2013 income statement?

  Determine a simple price index

Calculation of Simple Price Index - determine a simple price index for this item using 19X4 as the base year.

  What was approximate amount of its alleged revenue over

ClearOne had stuffed inventory costing approximately $11.5 million into the distribution channel. On the basis of that assertion, what was the approximate amount of its alleged revenue overstatement by the end of 2002?

  Computing ending inventory and cost of goods sold under

computing ending inventory and cost of goods sold under fifo and lifo cost-flow assumptions.cost flow assumptions -

  What present value concept is appropriate for situation

The contract required 5 equal annual payments with the first payment due on 1 st December, 2012, the date of the sale. Find what present value concept is appropriate for this situation?

  Balance sheetprofit and losscurrent assetscash and cash

balance sheetprofit and losscurrent assetscash and cash equavents 270trade receivables debtors 711sales

  Eliminate the consolidation process

Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intercompany profit that should be eliminated in the consolidation process at the end of 2011 is

  This following information if for ella dodd for the week

this following information if for ella dodd for the week ended march 15.total hours worked48rate 15 per hr with double

  Albatross company bought a piece of machinery for 60000 on

albatross company bought a piece of machinery for 60000 on 1st january 2011 and has been depreciating the machine using

  Adjustment entry for allowance for doubtful accounts at the

adjustment entry for allowance for doubtful accounts at the end of the year .the draber company uses the allowance

  Calculating annuity payments and annuity present value

Calculating Annuity Payments and Annuity Present Value of the project - Find the annual cash flow be and evaluate the present value of the savings?

  Kelly company paid current months rent 2000prepare a double

kelly company paid current months rent 2000.prepare a double entry accounting system finding out the two accounts

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd