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- Explain what responsibility accounting is and how budgets are used in responsibility accounting. How should the traditional budget system be evolved to promote innovation within the corporation?Illustrate and explain budgeting as a managerial tool in government organizations to account for changing revenues and costs.What justification you would give to the firms board of directors for creation and maintenance of separate and sizeable budget for training and development.?
- (B) For the purpose of effective budgetary control, it is imperative on the part of each entity to have definite ‘plan of organization’. This plan of organization is embodied in the organization chart. Assuming that you started your own business, make an organization chart according to your business activities and explain with an example how organization chart guide you to prepare different types of budgets explainExplain the role and limitations of budgeting in business organizations. Support your answer with suitable examples.Describe the business and its core operations. Explain what data you would use to inform the budget and why this data would be relevant. Who else would you involve in developing the budget? Draw up the budget to cover the next financial year. Explain how the budget would be used to monitor the financial performance of the organisation. 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?
- On what do the government-wide financial statements report? Multiple Choice Operational accountability. Fiscal accountability. The cost of government services. Budgetary compliance.GAAP provides rules for entities to follow when preparing financial statements which assist external users with: A.analysing owner's personal transactions. B.interpreting bank statements C.making comparisons between an entity’s budgeted and actual results. D.making comparisons between the financial information of different entities.Organizations rely on effective budgetary planning for successful financial performance. Explain how the roles of managers can assist organizations to achieve their budgetary goals.
- What is the impact of responsibility reporting and budgeting on an organization?Budgets in governmental organizations serve as all of the following except: a. Control mechanisms b. Management policy c. Means of communications d. Contract(3) Explain the ethical considerations as it relates to using budgets as a basis for rewarding managers? (4)Explain three specific benefits that a system of budgetary planning and control may bring to an organization.