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Budgets And Financial Plans

Referencing Styles : Not Selected

Activity 1
1.    Why should organisations collect, file and maintain accurate financial records? Discuss in 50 words.

2.    What are the expectations of managers and supervisors in relation to budget or financial plans? Discuss in 100 words.

3.    What are the reports that can be used for financial planning in an organisation? Discuss in 50 words.

4.    What is the process for preparing budgets or other financial plans? Discuss in 80 words.

5.    Explain how contingency plans work. Discuss in 80 words.

6.    Why should team or work group members be actively involved in designing and developing contingency plans? Discuss in 80 words.

Activity 2
1. How can employees be engaged in the preparation of financial reports, allowing details to be easily disseminated among team members? Discuss in 80 words.

2. Why should employees be involved in setting and monitoring the budget? Discuss in 30 words.

3. What is responsibility accounting and what is its importance to an organisation? Discuss in 100 words.

4. What are cost centres? Discuss in120 words. Give examples of cost centres that might be encountered in an organisation.

Activity 3
1. What is the importance of a cash flow budget or report? Discuss in 100 words.

2. What data do you need to collect, and from whom, in order to construct a cash flow budget? Discuss in 30 words.

3. Describe in 100 words how the budget is used to monitor work, performance, variation, and team/ division outputs.

Activity 4
1. What is the meaning of the following terms:
a.    Assets. (30 words)

b.    Liabilitie(30 words)

c.    Expenses. (30 words)

d.    Equity. (30 words)

2. Describe in 30 words (each) what the following budgets/ reports are and how they might be used to inform a team’s operations.
a.    Variance analysis. (30 words)

b.    The general ledger. (30 words)

c.    A sales analysis report/ budget report. (30 words)

d.    Variance analysis reports(30 words)

e.    The revenue and expenditure report/ budget. (30 words)

3. Explain (50 words) why reports must be made to:
a.    Management.
b.    Investors.
c.    Creditors.
d.    The government.

4. What details might be provided in a financial report? Discuss in 120 words.



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