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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

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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 different between an objectives budget and operational budgets?

An objectives budget focuses on the specific goals and outcomes an organization aims to achieve within a certain period, aligning financial resources with strategic priorities. In contrast, an operational budget details the day-to-day expenses and revenues needed to run the organization, often covering a shorter time frame, such as a fiscal year. While the objectives budget sets the direction based on long-term targets, the operational budget ensures that the necessary resources are allocated to maintain routine functions and activities.


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.

Related Questions

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..


The financial analysis officer?

manages the budget, cost, and accounting functions for the base


What are financial analysis officer duties?

Manages the budget, cost, and accounting functions.


What does financial analysis officer do?

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 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.


What are some functions of fiscal policy?

taxation and borrowing. deals with bother government expenditures and taxes that can affect the federal budget.


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.


How does a budget gaming PC function?

A Budget gaming PC functions when one buys physical copies of games, install them and play them. One can build a gaming PC all by themselves for only $500 to $700.