Prepare a Budget Proposal for a sport organization of your choice and should also contain the following elements: Step 1: Develop a Budget Calendar Step 2: Planning and Forecasting Step 3: Develop Expense Estimates Step 4: Develop Revenue Estimates Step 5: Estimate Preliminary Surplus/Deficit Step 6: Present, Defend and Seek Approval Step 7: Administering and Evaluating Budget

Prepare a Budget Proposal for a sport organization of your choice and should also contain the following elements: Step 1: Develop a Budget Calendar Step 2: Planning and Forecasting Step 3: Develop Expense Estimates Step 4: Develop Revenue Estimates Step 5: Estimate Preliminary Surplus/Deficit Step 6: Present, Defend and Seek Approval Step 7: Administering and Evaluating Budget

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 15MC: Which budget is the starting point in preparing financial budgets? the budgeted income statement the...

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Prepare a Budget Proposal for a sport organization of your choice.Your proposal should also contain the following elements: Step 1: Develop a Budget Calendar Step 2: Planning and Forecasting Step 3: Develop Expense Estimates Step 4: Develop Revenue Estimates Step 5: Estimate Preliminary Surpus/Deficit Step 6: Present, Defend and Seek Approval Step 7: Administering and Evaluating Budget
Select each of the terms with the best description of its purpose. 1. Helps determine financing needs. Definitions 2. The usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A budgetary cushion used to meet performance targets. 5. A comprehensive plan that consists of several budgets that are linked. 6. Employees affected by a budget help in preparing it. Terms
Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…
When justifying a budget request (in narrative form), which of the following should be included in the request? Select all that apply. What you want to do Budget request counterarguments Why you want to do it A list of required resources
According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in monitory terms showing the income to be the generated, the costs to be incurred and the resources to be utilized for the defined period of time. Required: Explain the following terms connected with a budget (i)The budget committee (ii) The principal budget factor (iii) The master budget
Which budget is the starting point in preparing financial budgets? the budgeted income statement the budgeted balance sheet the capital expense budget the cash receipts budget
Need him with the decriotionaIncluding the budget's objective, how the budget assists an organization in managing its financial activities, and what types of data need to be included in that specific budget
In an organization that plans by using comprehensive budgeting, the master budget is The booklet containing budget guidelines, policies, and forms to use in the budgeting process. The current budget updated for operations for part of the current year. A compilation of all the separate operational and financial budget schedules of the organization. A budget of a not-for-profit organization after it is approved by the appropriate authoritative body.
1. The first step involved in preparing a master budget is A. Preparing a forecasted Income statement B. Preparing a general operating budget C. Preparing a forecasted statement of financial position D. Preparing detailed period budgets
Which of the following accounts are most likely to be used in a journal entry to record the budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Revenues b Expenditures C Appropriations d Fund Balance
Select each of the terms with the best description of its purpose. Definitions Terms 1. Planning future business actions and expressing them as formal plans. 2. A comprehensive business plan that includes operating, investing, and financing budgets. 3. Employees who will be evaluated by a budget help prepare it. 4. Shows expected cash inflows and outflows and helps determine financing needs. 5. An approach that requires all expenses to be justified for each new budget. 6. A formal statement of future plans, usually expressed in monetary terms. 7. Approach in which top management passes down a budget without employee input. 8. Management's use of budgets to see that planned objectives are met.
Which of the following statements is the intended goal or outcome of a performance budget? Classify the budget by goals or objectives (e.g., protection of persons and property, safe and speedy transportation) Manipulate financial data to satisfy government and community stakeholders Link performance objectives to requests for funds Focus on measurable activities