List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation. Write a report explaining how the budget that you have developed contributes to financial management. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they? What software packages/ programs have you used when developing the budget and how did these assist?

Q: According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in…

A: Budgets are quantitative plans which are used for allocation of resources, comparing and controlling…

Q: Required: Identify the problems that appear to exist in the company’s budgetary control system and…

A: Budgetary Control System:- It is a system in which the actual income and expenditure of the company…

Q: Explain why it would be beneficial to prepare a cash forecast, or a cash budget, for an…

A: There are various reasons why cash forecast or cash budget is to be prepared. But the primary…

Q: Projects associated with a business plan will require funding. The funding request is a critical…

A: An extensive document that describes the objectives, plans, and daily operations of a business is a…

Q: Explain the importance of budgeting in financial management and discuss the key steps involved in…

A: Planning and Goal Setting: Budgeting allows organizations to set financial goals and objectives,…

Q: Select all of the benefits of budgeting. Facilitates the coordination of activities within the…

A: Budgeting is the process of creating a plan to spend your money.   It is an estimation of revenue…

Q: What is the process of managing revenue and expenses? Group of answer choices  Finance Budgeting…

A: Process of managing revenue and expenses is called Budgeting. Budgeting is used for controlling the…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.