FNSACC513: Manage Budgets and Forecasts - Accounting and Finance Assignment Help

Assignment Task:

QUESTION 1

Which of the following are benefits of budgeting?

1 It helps to co-ordinate the activities of different departments.

2 It fulfils legal reporting obligations.

3 It establishes a system of control.

4 It is a starting point for strategic planning.

QUESTION 2

Briefly describe the processes used to prepare effective budgets of an organisation.  Your answer should include the process of budget proposals, ratification and implementation.

The process of preparing a budget should be highly regimented and follow a set schedule, so that the completed budget is ready for use by the beginning of the next financial year.  Developiing a structure to facilitate control over the budget is crucial.  First develop governance structure including divisions and departments along with key objectives and levels of responsibility.  Secondly create groups in the accounting system based on the nature of the organisation and departments. Thirdly develop a budget on operational and stragegic activies for each division or department.  These may exist in manufacturing, trading and service organisations.

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