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Directing and Motivating
Planning
Work of Management
Controlling
Planning and Control
Planning -- involves developing objectives and preparing various budgets to achieve these objectives.
Control -- involves the steps taken by management that attempt to ensure the objectives are attained.
It uncovers potential bottlenecks before they occur.
It coordinates the activities of the entire organization by integrating the plans and objectives of the various parts.
It ensures that accounting records comply with generally accepted accounting principles.
It provides benchmarks for evaluating subsequent performance.
Which of the following is not a benefit of budgeting?
Advantages of Budgeting
Advantages
01
plans
Communicating
06
and objectives
Define goal
02
plan for the future
Think about and
03
resources
Means of allocating
04
bottlenecks
Uncover potential
05
activities
Coordinate
Responsibility Accounting
Managers should be held responsible for those items — and only those items — that the manager can actually control to a significant extent.
Fairmont Inc. uses an accounting system that charges costs to the manager who has been delegated the authority to make decisions concerning the costs. For example, if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager. This type of accounting system is known as:
A) responsibility accounting.
B) contribution accounting.
C) absorption accounting.
D) operational budgeting.
Choosing the Budget Period
Operating Budget
The annual operating budget
may be divided into quarterly
or monthly budgets.
Choosing the Budget Period
Continuous or
Perpetual Budget
This budget is usually a twelve-month
budget that rolls forward one month
as the current month is completed.
Participative Budget System
Flow of Budget Data
The Budget Committee
A standing committee responsible for
overall policy matters relating to the budget
coordinating the preparation of the budget