Role of Budgeting.edited

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1 The Role of Budgeting and Budgetary Planning in Managerial Accounting Student Name Institutional Affiliations Course Code and Name Date

2 Table of Contents Part 1: Theoretical ................................................................................................................... 3 Introduction .......................................................................................................................... 3 Relationship between Financial Planning and Analysis and the Master Budget ........... 3 Purposes of Budgeting ......................................................................................................... 3 Advantages of Budgeting ..................................................................................................... 4 Similarities and Differences in Operational Budgets ........................................................ 4 Conclusion ............................................................................................................................. 5 Part II: Preparation of the Master Budget ............................................................................ 5 1. Sales Budget ................................................................................................................... 5 2. Cash collections from Sales Budget ............................................................................. 6 3. Production Budget ......................................................................................................... 7 4. Direct Material Budget ................................................................................................. 8 5. Cash Disbursements for Materials Purchases Budget ............................................... 9 6. Direct Labor Budget ................................................................................................... 10 7. Manufacturing Overhead Budget .............................................................................. 11 8. Selling and Administrative Budget ............................................................................ 12 9. Cost of Goods Manufactured Budget ........................................................................ 13 10. Cost Of Goods Sold (COGS) Budget ..................................................................... 14 11. Budgeted Income Statement ................................................................................... 15 References ............................................................................................................................... 17

3 The Role of Budgeting and Budgetary Planning in Managerial Accounting Part 1: Theoretical Introduction Managerial accounting is essential to efficiently running businesses because it provides critical data for policymaking and long-term planning. Budgeting and budgetary planning are crucial parts of management accounting to help with financial planning and analysis in today's ever-changing company climate (Frow et al., 2010). This paper aims to examine how different kinds of organizations' operational budgets are similar and how they vary, as well as to highlight the benefits and drawbacks of budgeting. In addition, this article will show how each schedule that makes up the master budget is created. Relationship between Financial Planning and Analysis and the Master Budget Managerial accounting requires careful financial planning and analysis; the master budget is the backbone of this procedure. The master budget is the organization's overarching financial strategy for a certain period, usually a fiscal year, and includes income, expenditures, and cash flow forecasts (Maheshwari et al., 2021). It integrates several operational budgets for sales, manufacturing, buying, and administration. To ensure that all divisions are working towards the same goals and that resources are being managed effectively, a master budget is developed (Maheshwari et al., 2021). In addition, managers may use financial analysis to spot discrepancies between actual performance and the master budget's expectations and then make modifications accordingly. Purposes of Budgeting Budgeting serves multiple purposes in managerial accounting, contributing significantly to an organization’s success and sustainability: a) Planning. Budgets provide a blueprint for setting financial targets and defining the steps needed to achieve them ( Arnold & Artz, 2019) . They enable managers to anticipate future financial needs, allocate resources effectively, and align actions with long-term goals. b) Coordination. Budgets foster collaboration among different departments, ensuring that each unit’s plans are integrated into the organization’s overall strategy ( Arnold & Artz, 2019) . This coordination prevents conflicts and encourages collective efforts toward common objectives. c) Control. Budgets act as control mechanisms by setting performance standards. Regular comparisons of actual results against budgeted figures enable managers to identify variances promptly and take corrective actions when necessary ( Arnold & Artz, 2019) . d) Communication. Budgets facilitate the communication of financial goals and performance expectations to all stakeholders, including employees, investors, creditors, and board members ( Arnold & Artz, 2019) . Clear communication promotes transparency and accountability within the organization.

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4 e) Motivation. Linking individual and departmental performance to budgetary targets motivates employees to enhance their efficiency and contribute to the organization's success ( Arnold & Artz, 2019) . Advantages of Budgeting Budgeting offers numerous advantages that enhance the effectiveness of managerial accounting: a) Improved Decision-making. Budgets provide critical information for evaluating alternative courses of action, allowing managers to make informed decisions based on financial considerations (Frow et al., 2010). b) Resource Allocation. By setting priorities and allocating resources optimally, budgeting ensures that an organization’s limited resources are used efficiently to achieve its objectives (Frow et al., 2010). c) Performance Evaluation. Budgets are benchmarks for evaluating individual and departmental performance (Frow et al., 2010). This evaluation helps identify areas of excellence and areas that require improvement. d) Financial Stability. Effective budgetary planning helps organizations build financial reserves and mitigate potential risks, promoting long-term financial stability (Frow et al., 2010). Similarities and Differences in Operational Budgets Operational budgets may vary based on the type of organization but share standard features: a) Sales Budget. All organizations, regardless of type, prepare a sales budget. It projects future sales revenue based on market analysis, historical data, and sales forecasts ( Bergmann et al., 2020 ). b) Production Budget. Manufacturers and merchandisers prepare production budgets to determine the number of units to be produced or purchased based on the sales budget and desired inventory levels ( Bergmann et al., 2020 ). However, service-industry firms may not require a production budget, as their output is intangible. c) They are operating Expense Budget. All organizations create an operating expense budget to estimate various expenses, such as administrative, marketing, and selling ( Bergmann et al.,2020 ). d) Cash Budget. A cash budget is crucial for all organizations as it forecasts cash inflows and outflows, ensuring that adequate cash reserves are maintained to meet financial obligations ( Al Breiki & Nobanee, 2019) . e) Capital Expenditure Budget. While manufacturers and merchandisers may require a capital expenditure budget for equipment and inventory purchases, service-industry firms may focus more on investments in technology or service expansion ( Bergmann et al.,2020 ).

5 Conclusion Managerial accounting relies heavily on budgets and budget plans, which provide a framework for systematic financial planning and analysis. The master budget is used as a guide to ensure that the organization's finances align with its strategic goals and that its resources are being used effectively. The multiple operational budgets allow for better decision-making, appraisal of performance, and management of resources. Managers may improve their chances of succeeding in today's ever-changing business environment by recognizing the benefits of budgeting and understanding the variations in operational budgets across organizations. Part II: Preparation of the Master Budget 1. Sales Budget The Sales Budget outlines the expected sales revenue for the quarter based on the given information. The sales budget shows the budgeted sales volume, selling price per unit, and the resulting budgeted sales revenue for the current quarter (Q2) and the following quarter (Q3) ( Al Breiki & Nobanee, 2019) . Additionally, it presents the expected cash collections for the current and following quarters based on the given collection percentages. Calculation 1. Budgeted Sales Revenue for the Current Quarter (Q2) Budgeted Sales Revenue = Budgeted Sales Volume * Selling Price per unit = 200,000 units * KD 20 = KD 4,000,000 2. Cash Collection for the Current Quarter (Q2) Cash Collection for the Current Quarter = 60% of Budgeted Sales Revenue for Q2 = 0.6 * KD 4,000,000 = KD 2,400,000 3. Cash Collection for the Following Quarter (Q3) Cash Collection for the Following Quarter = 40% of Budgeted Sales for Q3 = 0.4 * (KD 20 * 240,000 units) = KD 1,920,000 4. Total Cash Collections for the Quarter (Q2) Total Cash Collections for the Quarter = Cash Collection for the Current Quarter (Q2) + Cash Collection for the Following Quarter (Q3)

6 = KD 2,400,000 + KD 1,920,000 = KD 4,320,000 Item Current Quarter (Q2) Following Quarter (Q3) Budgeted Sales Volume 200,000 units 240,000 units Selling Price per unit KD 20 KD 20 Budgeted Sales Revenue KD 4,000,000 KD 4,800,000 Cash Collection KD 2,400,000 KD 1,920,000 Table 1: Sales Budget for the Quarter Ending June 30 2. Cash collections from Sales Budget The Cash Collections from Sales Budget outlines the expected cash inflows from sales for the quarter, considering the collection percentages provided. This budget presents the cash inflows from sales for the current quarter (Q2) and the following quarter (Q3). The budget considers the collection percentages and the corresponding budgeted sales revenues. The Total Cash Collections represent the combined cash inflows from both quarters. Calculation 1. Budgeted Sales Revenue for the Current Quarter (Q2) Budgeted Sales Revenue = Budgeted Sales Volume * Selling Price per unit = 200,000 units * KD 20 = KD 4,000,000 2. Cash Collection for the Current Quarter (Q2) Cash Collection for the Current Quarter = 60% of Budgeted Sales Revenue for Q2 = 0.6 * KD 4,000,000 = KD 2,400,000 3. Cash Collection for the Following Quarter (Q3) Cash Collection for the Following Quarter = 40% of Budgeted Sales for Q3 = 0.4 * (KD 20 * 240,000 units) = KD 1,920,000 4. Total Cash Collections for the Quarter (Q2)

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7 Total Cash Collections for the Quarter = Cash Collection for the Current Quarter (Q2) + Cash Collection for the Following Quarter (Q3) = KD 2,400,000 + KD 1,920,000 = KD 4,320,000 Item Current Quarter (Q2) Following Quarter (Q3) Total Cash Collections Budgeted Sales Volume 200,000 units 240,000 units Selling Price per unit KD 20 KD 20 Budgeted Sales Revenue KD 4,000,000 KD 4,800,000 Cash Collection KD 2,400,000 KD 1,920,000 KD 4,320,000 Table 2: Cash Collections from Sales Budget for the Quarter Ending June 30 3. Production Budget The Production Budget outlines the number of units produced during the quarter, considering the desired ending Inventory and sales projections. It presents the units needed for sales for the current quarter (Q2) and the following quarter (Q3). The Total Units Required represent the combined units required for both quarters, considering the budgeted sales and desired ending Inventory ( Bužinskienė, 2019) . The Production Needed for Q2 (Quarter Ending June 30) is calculated by subtracting the beginning inventory from the required units. Calculations a) Total Units Required for Sales (Q2 and Q3) Total Units Required = Budgeted Sales for Q2 + Ending Inventory for Q3 = 200,000 units + 240,000 units * 20% (0.2) = 200,000 units + 48,000 units = 248,000 units b) Production Needed for Q2 (Quarter Ending June 30) Production Needed for Q2 = Total Units Required – Beginning Inventory = 248,000 units – 30,000 units = 218,000 units

8 Item Current Quarter (Q2) Following Quarter (Q3) Budgeted Sales Volume 200,000 units 240,000 units Desired Ending Inventory (Q3) 48,000 units Total Units Required (Q2 + Q3) 248,000 units Beginning Inventory 30,000 units Production Needed for Q2 (Q2) 218,000 units Table 3: Production Budget for the Quarter Ending June 30 4. Direct Material Budget The Direct Material Budget outlines the quantity and cost of direct materials required for production during the quarter, considering the desired ending Inventory and sales projections. This budget presents the quantity (in kg) and cost of direct materials required for production for the current quarter (Q2) and the following quarter (Q3). Considering the budgeted sales and desired ending Inventory, the Total Kgs Required represents the combined direct Material required for both quarters. The Direct Material Needed for Q2 (Quarter Ending June 30) is calculated by subtracting the beginning inventory from the total Kgs required. The Direct Material Cost for Q2 is calculated by multiplying the direct Material needed for Q2 by the material cost per Kg. Calculation a) Total Kgs of Direct Material Required for Production (Q2 and Q3) Total Kgs Required = (Budgeted Sales for Q2 + Ending Inventory for Q3) * Direct Material per Unit = (200,000 units + 240,000 units * 20% (0.2)) * 2 Kgs = (200,000 units + 48,000 units) * 2 Kgs = 248,000 units * 2 Kgs = 496,000 Kgs b) Direct Material Needed for Q2 (Quarter Ending June 30) Direct Material Needed for Q2 = Total Kgs Required - Beginning Inventory = 496,000 Kgs - 10,000 Kgs = 486,000 Kgs c) Direct Material Cost for Q2 (Quarter Ending June 30)

9 Direct Material Cost for Q2 = Direct Material Needed for Q2 * Material Cost per Kg = 486,000 Kgs * KD 0.2 = KD 97,200 Item Current Quarter (Q2) Following Quarter (Q3) Budgeted Sales Volume 200,000 units 240,000 units Direct Material per Unit (Kgs) 2 Kgs 2 Kgs Desired Ending Inventory (Q3) (Kgs) 20,000 Kgs Total Kgs Required (Q2 + Q3) 496,000 Kgs Beginning Inventory (Kgs) 10,000 Kgs Direct Material Needed for Q2 (Q2) 486,000 Kgs Direct Material Cost for Q2 (Q2) KD 97,200 Table 4: Direct Material Budget for the Quarter Ending June 30 5. Cash Disbursements for Materials Purchases Budget The Cash Disbursements for Materials Purchases Budget outlines the cash payments for direct materials purchases during the quarter, considering the payment terms provided. This budget presents the cash payments for direct materials purchases during the current quarter (Q2) and the following quarter (Q3). The budget considers the payment terms where 80% of purchases are paid in the current quarter and 20% in the following quarter. The amount for the last quarter's purchases is given, and the cash disbursements for each quarter are calculated based on the given percentages. Calculation a) Cash Disbursements for Materials Purchases in the Current Quarter (Q2) Cash Disbursements for Materials Purchases in Q2 = 80% of Purchases in Q2 = 0.8 * Purchases in Q2 = 0.8 * (Purchases of the last quarter) = 0.8 * KD 90,000 = KD 72,000 b) Cash Disbursements for Materials Purchases in the Following Quarter (Q3) Cash Disbursements for Materials Purchases in Q3 = 20% of Purchases in Q2

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10 = 0.2 * Purchases in Q2 = 0.2 * KD 90,000 = KD 18,000 Item Current Quarter (Q2) Following Quarter (Q3) Purchases of the last quarter KD 90,000 Cash Disbursements in Q2 KD 72,000 Cash Disbursements in Q3 KD 18,000 Table 5: Cash Disbursements for Materials Purchases Budget for the Quarter Ending June 30 6. Direct Labor Budget The Direct Labor Budget outlines the labor hours required and the associated labor cost for production during the quarter. It presents the labor hours required and the associated labor cost for production for the current quarter (Q2) and the following quarter (Q3). The Total Labor Hours Required represents the combined labor hours needed for both quarters, considering the budgeted sales and desired-to-end Inventory. The Direct Labor Cost for Q2 is calculated by multiplying the total labor hours required by the labor wage rate per hour. Calculation a) Total Labor Hours Required for Production (Q2 and Q3) Total Labor Hours Required = Budgeted Sales for Q2 + Ending Inventory for Q3 * Direct Labor Hours per Unit Total Labor Hours Required = (200,000 units + 240,000 units * 20% (0.2)) * 0.1 hours = (200,000 units + 48,000 units) * 0.1 hours = 248,000 units * 0.1 hours = 24,800 hours b) Direct Labor Cost for Q2 (Quarter Ending June 30) Direct Labor Cost for Q2 = Total Labor Hours Required * Labor Wage Rate per hour = 24,800 hours * KD 4 per hour = KD 99,200 Item Current Quarter Following Quarter

11 (Q2) (Q3) Budgeted Sales Volume 200,000 units 240,000 units Direct Labor Hours per Unit 0.1 hours 0.1 hours Total Labor Hours Required (Q2 + Q3) 24,800 hours Labor Wage Rate per hour KD 4 per hour Direct Labor Cost for Q2 (Q2) KD 99,200 Table 6: Direct Labor Budget for the Quarter Ending June 30 7. Manufacturing Overhead Budget The Manufacturing Overhead Budget outlines the estimated manufacturing overhead costs for the quarter, which includes indirect labor, indirect Material, factory utilities, and factory rent. The budget presents the estimated manufacturing overhead costs for the current quarter (Q2) and the following quarter (Q3). The budget considers various overhead costs, such as indirect labor, cost of commissions, advertising, transportation per unit, indirect Material, factory utilities, and factory rent. The Total Manufacturing Overhead Costs for Q2 are calculated by summing up these overhead components. Calculation 1. Total Manufacturing Overhead Costs for the Current Quarter (Q2) Total Manufacturing Overhead Costs for Q2 = Indirect labor + Cost of commissions, advertising, and transportation + Indirect material + Factory utilities + Factory rent ¿ KD 12,000 +( KD 0.1 ∗ Budgeted Sales for Q 2 )+ KD 15,000 + KD 6,000 + KD 13,000 = KD 12,000 + (KD 0.1 * 200,000 units) + KD 15,000 + KD 6,000 + KD 13,000 = KD 12,000 + KD 20,000 + KD 15,000 + KD 6,000 + KD 13,000 = KD 66,000 Item Current Quarter (Q2) Indirect Labor KD 12,000 Cost of Commissions, Advertising, and Transportation KD 20,000 Indirect Material KD 15,000 Factory Utilities KD 6,000 Factory Rent KD 13,000

12 Total Manufacturing Overhead Costs KD 66,000 Table 7: Manufacturing Overhead Budget for the Quarter Ending June 30 8. Selling and Administrative Budget The Selling and Administrative Budget outlines the estimated expenses for the quarter's selling and administrative activities. The budget presents the estimated expenses related to selling and administrative activities for the current quarter (Q2) and the following quarter (Q3). The budget considers the cost of commissions, advertising, and transportation per unit, office rent, and administrative salaries ( Dewi et al., 2021) . The Total Selling and Administrative Expenses for Q2 are calculated by summing up these individual expense components. Calculations 1. Total Selling and Administrative Expenses for the Current Quarter (Q2) Total Selling and Administrative Expenses for Q2 = Cost of commissions, advertising, and transportation + Office Rent + Administrative Salaries = (KD 0.1 * Budgeted Sales for Q2) + KD 20,000 + KD 10,000 = (KD 0.1 * 200,000 units) + KD 20,000 + KD 10,000 = KD 20,000 + KD 20,000 + KD 10,000 = KD 50,000 Item Current Quarter (Q2) Cost of Commissions, Advertising, and Transportation KD 20,000 Office Rent KD 20,000 Administrative Salaries KD 10,000 Total Selling and Administrative Expenses KD 50,000 Table 8: Selling and Administrative Budget for the Quarter Ending June 30 9. Cost of Goods Manufactured Budget The Cost of Goods Manufactured (COGM) Budget outlines the total manufacturing costs incurred during the quarter, including direct materials, direct labor, and manufacturing overhead. It presents the total manufacturing costs incurred during the current quarter (Q2) and the following quarter (Q3) ( Dewi et al., 2021) . The budget includes direct material costs, direct labor costs, and total manufacturing overhead costs. The Total Cost of Goods Manufactured for Q2 is calculated by summing up these individual cost components.

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13 Calculation Total Cost of Goods Manufactured for Q2 = Direct Material Cost for Q2 + Direct Labor Cost for Q2 +Total Manufacturing Overhead Costs for Q2 = KD 97,200 + KD 99,200 + KD 66,000 = KD 262,400 Item Current Quarter (Q2) Direct Material Cost for Q2 (Q2) KD 97,200 Direct Labor Cost for Q2 (Q2) KD 99,200 Total Manufacturing Overhead Costs KD 66,000 Total Cost of Goods Manufactured (Q2) KD 262,400 Table 9: Cost of Goods Manufactured Budget for the Quarter Ending June 30 10. Cost Of Goods Sold (COGS) Budget The Cost of Goods Sold (COGS) Budget outlines the total cost of goods sold during the quarter, considering the beginning and ending finished goods inventory. This presents the total cost of goods sold during the current quarter (Q2) and the following quarter (Q3). The budget considers the beginning and ending finished goods Inventory and the total cost of goods manufactured for Q2 ( Abdullah, 2022) . The Cost of Goods Sold for Q2 is calculated by subtracting the ending finished goods inventory from the cost of goods available for sale. Calculations 1. Cost of Goods Available for Sale (Q2) Cost of Goods Available for Sale = Beginning Finished-goods inventory + Total Cost of Goods Manufactured for Q2 = KD 20,400 + KD 262,400 = KD 282,800 2. Cost of Goods Sold for Q2 Cost of Goods Sold for Q2 = Cost of Goods Available for Sale - Ending Finished-goods inventory = KD 282,800 - KD 28,750 = KD 254,050

14 Item Current Quarter (Q2) Beginning Finished-goods inventory KD 20,400 Ending Finished-goods inventory KD 28,750 Total Cost of Goods Manufactured (Q2) KD 262,400 Cost of Goods Sold for Q2 KD 254,050 Table 10: Cost of Goods Sold Budget for the Quarter Ending June 30 11. Budgeted Income Statement The Budgeted Income Statement outlines the expected revenues and expenses for the quarter and calculates the projected net income. This budget presents the expected revenues and expenses for the current quarter (Q2). The statement includes total sales revenue, cost of goods, gross profit, total selling and administrative expenses, and net income ( Jahani, Abbasi, & Talluri, 2019) . The calculations are based on the given information and the previously prepared budgets. Net income is calculated by subtracting the total selling and administrative expenses from the gross profit. Calculation: 1. Total Sales Revenue for Q2 Total Sales Revenue for Q2 = Budgeted sales for Q2 * Selling price per unit = 200,000 units * KD 20 = KD 4,000,000 2. Total Cost of Goods Sold for Q2 Already calculated: KD 254,050 3. Gross Profit for Q2 Gross Profit for Q2 = Total Sales Revenue for Q2 - Total Cost of Goods Sold for Q2 = KD 4,000,000 - KD 254,050 = KD 3,745,950 4. Total Selling and Administrative Expenses for Q2 Already calculated: KD 50,000 5. Net Income for Q2 Net Income for Q2 = Gross Profit for Q2 - Total Selling and Administrative Expenses for Q2

15 = KD 3,745,950 - KD 50,000 = KD 3,695,950 Item Amount (KD) Total Sales Revenue KD 4,000,000 Cost of Goods Sold KD 254,050 Gross Profit KD 3,745,950 Total Selling and Administrative Expenses KD 50,000 Net Income KD 3,695,950 Table 11: Budgeted Income Statement for the Quarter Ending June 30.

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16 References Alabdullah, T. T. Y. (2022). Management accounting insight via a new perspective on risk management companies' profitability relationship. International Journal of Intelligent Enterprise , 9 (2), 244-257. Al Breiki, M., & Nobanee, H. (2019). The role of financial management in promoting sustainable business practices and development. Available at SSRN 3472404 . Arnold, M., & Artz, M. (2019). The use of a single budget or separate budgets for planning and performance evaluation. Accounting, organizations and society , 73 , 50-67. Retrieved from: https://fardapaper.ir/mohavaha/uploads/2019/01/Fardapaper-The-use- of-a-single-budget-or-separate-budgets-for-planning-and-performance-evaluation.pdf Bergmann, M., Brück, C., Knauer, T., & Schwering, A. (2020). Digitization of the budgeting process: determinants of the use of business analytics and its effect on satisfaction with the budgeting process. Journal of Management Control , 31 (1-2), 25-54. Retrieved from: https://link.springer.com/article/10.1007/s00187-019-00291-y Bužinskienė, R. (2019). Master budget formation in private companies. Professional studies: theory and practice: social sciences , (6), 32-39. Retrieved from: Dewi, P. E. D. M., Devi, S., & Masdiantini, P. R. (2021, November). Analysis of Cost of Sold and Production Costs on Company Profit. In 6th International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2021) (pp. 388-391). Atlantis Press. Retrieved from: https://exsys.iocspublisher.org/index.php/JMAS/article/view/233 “Differences and Similarities of Capital and Operational Budgeting.” Small Business - Chron.com . Retrieved from: https://smallbusiness.chron.com/differences-similarities- capital-operational-budgeting-33149.html Frow, N., Marginson, D., & Ogden, S. (2010). “Continuous” budgeting: Reconciling budget flexibility with budgetary control. Accounting, Organizations and Society , 35 (4), 444- 461. https://doi.org/10.1016/j.aos.2009.10.003 Jahani, H., Abbasi, B., & Talluri, S. (2019). Supply chain network redesign: A technical note on optimizing financial performance. Decision Sciences , 50 (6), 1319-1353. Maheshwari, S. N., Maheshwari, S. K., & Maheshwari, M. S. K. (2021). Principles of Management Accounting . Sultan Chand & Sons.

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