0
Planning -- involves determining organizational and program objectives and evaluating
alternative means for their achievement. Planning also includes prioritizing.
Control -- defined as monitoring, comparing information to a standard and taking corrective
action. For a budget to serve this function well it must have four characteristics:
It must be well-conceived (i.e., result from a good planning process) and be approved
by the board
It must be broken down into increments corresponding to the periodic financial
statements
Financial statements must be prepared on a timely basis and compared to the budget
The board and staff must take action where such comparison indicates a potential
problem
Management -- allocating resources deliberately and prudently to achieve program objectives.
This includes programming approved goals into specific projects and activities, the
design of organizational units to carry out programs, staffing, and procurement of
resources.
Budget Planning Processes
a) Incremental/Decremental
b) Zero-Based
c) PPBS
d) Performance
Budget Formats
a) Line Item
b) Program
c) Performance
d) Functional
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Functions of finance department in an organisation?
* maintain accounting system * Pay salary *taking capital structure decisions *preparing budget
What are the functions of a budget?
From a stakeholders point of view a budget is a statement in dollars of an individual's or organization's objectives and priorities. From a financial point of view a budget is planning tool of the cash flow of individual or organization, by stating for a given period of time, and in some level of detail what are going to be the spendings and the income sources. From a managment point of view a budget is a tool of control and discipline by allocation of financial resources according to a plan and by tracking budget execution.
What is the role of a budget committee?
The role of the budget committee is to help create a federal budget and oversee that budget. They prepare the budget resolution and review budget related laws and bills.
Which budget is prepared first?
The sales budget is the first budget to be prepared.
What is main difference between capital budget and revenue budget?
While the capital budget and revenue budget are both budgets, the capital budget is incorporated for the long term. A revenue budget is made for the short term.
What are the different types of functions?
There are a few different types of a functional budget. These include a sales budget, production budget, and a purchase budget.
Types of functional budget?
A functional budget is a budget which relates to any of the functions of an undertaking. E.G. sales, production, research, development..
Which support agency of Congress counterbalances the president's Office of Management and Budget?
It is the Congressional Budget Office that functions as a counterbalance to the Office of Management and Budget. The CBO was established in 1974.
What does financial analysis officer do?
manages the budget,cost, and accounting functions for the base
What are financial analysis officer duties?
Manages the budget, cost, and accounting functions.
The financial analysis officer?
manages the budget, cost, and accounting functions for the base
What are the major functions of the office of management and budget?
The Office of Management and Budget prepares the national budget that the president proposes to Congress each year, and reviews all legislative proposals that executive agencies prepare.
What are the two major functions of the Office of Management and Budget?
The Office of Management and Budget prepares the national budget that the president proposes to Congress each year, and reviews all legislative proposals that executive agencies prepare.
What are two major functions of the Office of Management and Budget?
The Office of Management and Budget prepares the national budget that the president proposes to Congress each year, and reviews all legislative proposals that executive agencies prepare.
What are some functions of fiscal policy?
taxation and borrowing. deals with bother government expenditures and taxes that can affect the federal budget.
What function calculates the budget on Excel?
The SUM function would be used to total up the figures for the budget, but other functions might be used too during the process.
How much of France's budget went went to taking care of the king?
The King, who was the head of state, was given a budget of 25 millions livres every year to allow him to pay the functions of his court.
