FNSACC513: Manage Budgets and Forecasts - Accounting Assessment Answer

Accounting Assessment Task

1. Discuss the key purpose and objectives of budgeting.
2. Discuss the key purpose and objectives of forecasting.
3. Discuss why key performance indicators are used in budgeting and forecasting and provide three examples of financial key performance indicators.
4. Discuss why milestones are used in budgeting and forecasting.
5. Discuss ethical considerations for budgetary forecasting and projections taking into account the strength of budget assumptions and forecast reliabilities.
6. Describe at least two types of information and data that a company can use for budgeting and forecasting. Ensure that your answer also includes the source of the information and data.
7. Outline the information you may use to forecast sales, and the different information you would need to forecast production.
8. Explain fixed costs in a budgeting context and provide an example of a fixed cost.
9. Explain the characteristics of variable costs.
10. Compare and contrast two forecasting techniques, including the different circumstances in which these might be used.
11. Explain key features of a budgeting and forecasting policy and procedure.
12. Explain why communication is of key importance in the budgeting process.
13. Explain the principle of accrual accounting.
14. Discuss the importance of budgetary control.
15. Explain the concept of double entry bookkeeping and provide at least one example.
16. Discuss the principles of statistical analysis and measures of variance.
17. Explain the importance of identifying trends when reviewing and documenting a budget.
18. Briefly explain the concept of corporate governance and the parties within an organisation who are responsible for corporate governance.

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