Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Question
Chapter 18.2, Problem 4TP
Summary Introduction
To discuss: The purpose of preparing budgets in an organization and also identify three different types of budgets.
Introduction: Budget refers to estimate of revenue and expense over given period of time. It can be prepared for individual, family, organization, government and country.
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What role do budgets play in the planning process? How can organizations develop and manage budgets effectively?
Explain why budget plans must be linked to operational objectives
Discuss the concept of budgeting as a key component of the planning process. How can budgets be used to control and monitor organizational performance?
Chapter 18 Solutions
Understanding Business
Ch. 18.1 - Prob. 18.1AQCh. 18.2 - Prob. 1TPCh. 18.2 - Prob. 2TPCh. 18.2 - Prob. 3TPCh. 18.2 - Prob. 4TPCh. 18.3 - Prob. 18.3AQCh. 18.3 - Prob. 1MEDCh. 18.3 - Prob. 5TPCh. 18.3 - Prob. 6TPCh. 18.3 - Prob. 7TP
Ch. 18.3 - Prob. 8TPCh. 18.4 - Prob. 18.4AQCh. 18.4 - Prob. 18.4BQCh. 18.4 - Prob. 18.4CQCh. 18.4 - Prob. 9TPCh. 18.4 - Prob. 10TPCh. 18.4 - Prob. 11TPCh. 18.4 - Prob. 12TPCh. 18.5 - Prob. 18.5AQCh. 18.5 - Prob. 18.5BQCh. 18.5 - Prob. 13TPCh. 18.5 - Prob. 14TPCh. 18.5 - Prob. 15TPCh. 18.5 - Prob. 16TPCh. 18 - Prob. 1CECh. 18 - Prob. 2CECh. 18 - Prob. 3CECh. 18 - Prob. 4CECh. 18 - Prob. 1CTCh. 18 - Prob. 2CTCh. 18 - Prob. 3CTCh. 18 - Prob. 2DCSCh. 18 - Prob. 3DCSCh. 18 - Prob. 4DCSCh. 18 - Prob. 5DCSCh. 18 - Prob. 1PPTCh. 18 - Prob. 2PPTCh. 18 - Prob. 3PPTCh. 18 - Prob. 4PPTCh. 18 - Prob. 1VCCh. 18 - Prob. 2VCCh. 18 - Prob. 3VC
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Similar questions
- Discuss how would go about implementing the allignment of budget to each strategy mentioned above and how the budgets will contribute to the annual goals and objectives of MS.arrow_forwardWhy should the production requirements set forth in the production budget be carefully coordinated with the sales budget? What is participative budgeting?arrow_forwardPlease explain what budget narrative is and why it is important.arrow_forward
- Differentiate between strategic, tactical and operational planning within an organization and discuss in your own words how corporate planning relates to budgeting.arrow_forwardPlease describe the budget narrative and why it is so relevant.arrow_forwardCan Budgeting can be used as an effective substitute for planning?arrow_forward
- List and explain 4 types of budgetsarrow_forwardDoes the new procedure for the budget help or hinder the achievement of Sustainable Development Goals (SDG)?arrow_forward2.Explain why zero based budgeting might be a useful tool to employ to ensure that budgetary requirements are kept up to datearrow_forward
- list at least three major factors for success in developing a budget and explain why they are important.arrow_forwardDescribe the budgeting process, three major budgeting challenges, and the four major types of budgets.arrow_forwardWhat is the role of financial planning in the overall planning process, and what specific areas does it cover, such as budgeting, forecasting, and financial analysis?arrow_forward
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