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IB - Y2Q2- Summary Financial & Management Decisions

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  • Course
  • Financial and Management Decisions
  • Institution
  • Avans Hogeschool (Avans)
  • Book
  • Introduction to Management Accounting Global Edition

Summary Financial & Management Decisions including all topics covered in class. For Year 2, Quarter 2, Financial & Management Decisions, Avans University of Applied Sciences

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Document information

  • No
  • Chapter 7, 8, 3, 10
  • December 17, 2018
  • 11
  • 2018/2019
  • Summary

Subjects

  • international business
  • fmd
  • y2q2
  • ib
  • financial management decisions
  • avans

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  • Avans Hogeschool (Avans)
  • International Business & Management
  • Financial and Management Decisions
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By: hristochernogorov • 6 year ago

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By: esmeecoolen • 6 year ago

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Content preview

Business Vision



Summary
Financial and
Management
Decisons
Year 2, Quarter 2




Simone Snepvangers

, Chapter 7 ‘Introduction to Budgets and Preparing the
Master Budget’
Budgets and the Organization
Budget = a quanttatve expression of a plan of acton ttat imposes tte formal structure of an
organizaton

Budgetng = tte process of formulatng an organizaton’s plan

4 major advantages of efectve udgetngg
- Compels managers to ttink atead y formalizing tteir responsi ilites for planning
- Provides an opportunity for managers to re-evaluate existng actvites and evaluate possi le
new actvites
- Aids managers in communicatng o jectves and coordinatng actons across tte organizaton
- Provides enctmarking to evaluate su sequent performance

Budgetng process formalizes tte need to antcipate and prepare for ctanging conditons

To prepare a udgetg set o jectves, esta list policies to aid tteir actievement

In tte a sence of goals and o jectves = tard to interpret results, for see pro lems and company
operatons lack directon

Current actvites of tte organizaton are used as a startng point for planning
2 extremes
- Current actvites are assumed to e tte same as for tte new udgetng period
- Zero- ase udget = a udget ttat requires justicaton of expenditures for every actvity,
including contnuing actvites

Efectve udget process encourages managers to ttink wtetter
- to contnue current actvites and mettods
- are ttere opportunites to modify actvites
- to add new actvites to telp tte organizaton eter actieve its goals in response to ctanging
conditons

efectve udget processes telps witt
- communicaton ott from tte top down and tte otom up
- coordinate actvites across tte organizaton
- antcipate company’s need for cast

Limitations of the advantages of budgeting
Budget participation and acceptance of the budget
Main factors afectng udget acceptance
- perceived attude of top management
- tte level of partcipaton in tte udget process
- degree of alignment etween tte udget and otter performance goals

to limit negatve attudes and improve quality of planning decisions  Partcipatve udgetng

Partcipatve udgetng = udgets formulated witt tte actve partcipaton of all afected employees

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