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Implementation of the Decisions
Once alternative courses of action have been chosen, they must be implemented as part of the budgeting procedure. The budget is a financial plan for implementing the different decisions that management has made. The budgets for all the different decisions are stated in terms of cash inflows and outflows, and sales expenses and revenues. The budgets are merged altogether into a single uniting statement of the organization’s expectations for future periods. The statement is termed as a master budget. The master budget comprises budgeted profit and loss account, cash flow statement & balance sheet. The budgeting procedure communicates to everyone in the organization the part they are predictable to play in implementing the management's decisions.
ABC System and service organizations The ABC system has been taken up as applied to a manufacturing organizations with the same efficiency. One basic characteristic of service
Importance of a budget A Budget is a plan expressed in monetary terms. It is prepared prior to the budget period and may show income, expenses and the capital to be used i.e. a
Game Theory Game theory was developed for the purpose of analyzing competitive situation involving conflicting interests. In game theory, there are assumed to be two or more pe
Cost comprise impact Some of the policy choices which tend to have the maximum impact on cost comprise: Product performance, configuration, and characteristics Mix and
companyXYZusesthe job oder costing system.
Explain Activities uses through activities based costing In order to correctly associate costs with products and services. ABC assigns cost to activities based on their use of
In this scheme, non-revolving line of credit is extended to the seller to be utilized inside a stipulated period. Assistance is provided to manufactures for promoting sale of their
static budget
Mosman Ltd makes a single product. The projected sales for the first month of the coming year and the starting and ending inventory data are as follows: Sales 80,000 units Uni
After determining the amount of working capital as in above, a specific amount say 5 percent or 10 percent may be added to cover contingencies. This is to be noted that facts depen
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