"The various activities within a company should be coordinated by the preparation of plans of actions for future periods. Thes

"The various activities within a company should be coordinated by the preparation of plans of actions for future periods. Thes Essay example
Masters
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Finance & Accounting
Pages 10 (2510 words)
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PLANNING, BUDGETS AND CONTROL Finance and Accounting Your name …………………………. College ……………………………… Date of submission ………………. Words count: 3073 Table of Contents Table of Contents 2 Introduction 3 Planning, Control and Budgeting 3 Interconnection of planning, budget and control 5 Annual Master Budget 6 Potential issues related to budgeting process 10 Budgetary Slack 10 Participative Budgeting 12 Ethical issues in budgeting 12 Conclusion 12 References 14 Introduction One of management’s major responsibilities is planning which is the process of establishing enterprise-wide objectives…

Introduction

This paper compares three basic terms that are planning, control and budgeting and describes the process involved in preparing a master budget and behavioral issues that a firm may face while preparing the budget. Planning, Control and Budgeting A successful organization prepares both short and long term planning. Weygandt, Kimmel and Kieso, 2009, p. 388) pointed that planning is the process of establishing enterprise wide objectives because plans not only set forth the objectives of the company but also the proposed ways of accomplishing them. As Davies and Pain (2002, p. 410) described, planning refers to the establishment of objectives and the formulation, evaluation and selection of the policies, strategies and tactics that are required for achieving the established objectives. Planning includes long term planning or commonly termed as strategic planning and short term planning. ...
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