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Describe Benchmarking
It is the process of measuring products service or activities against the best level of performance which may be found either inside or outside the organizations. Developed organizations use combination of financial and non-financial bench marks rather than relying exclusively on other type. Upcoming companies use bench marking to adopt world class performance targets. Performance gaps are properly scrutinized and then concerted efforts are made to improve to achieve world class operations.
Bench making involves following important steps:
1. Selection of bench mark site,
2. Define bench mark question,
3. Gather information about bench mark, and
4. Determine and interpret performance gap.
A few of the main focus areas of treasury operations are as follows: 1) Cash Flow-Receipts and Disbursements: Accelerating the collection of cash receipts and mobilization or
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Advantages of incremental budgeting a) The budget is stable and change is gradual b) Managers can operate their departments on a steady basis c) The system is relatively
accounting process or accounting cycle
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identify and explain the many classification of costs for planning, control.performance evaluation and decision making.
Ageing Schedule: AS is classifies outstanding accounts receivable at a specified point of time into various age brackets. A clarifying ageing schedule is specified below.
CONTIGENCY THEORY Some researchers have argued that the context in which budgetary control is used is as important as the style in which it is implemented and used. This is ter
Cash budget is a detailed budget of income and cash expenditure including both capital and revenue items. For control reasons the year's budget is usually phased in smaller periods
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