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Essay / Research Paper Abstract
This 8 page paper is written in 3 parts. The first part looks at budgets and budgetary controls, looking at how budget controls may be implementing, including basic control techniques. The second part of the paper looks at the way variances may occur and how they manifest, the last part of the paper looks at the use of benchmarking. The bibliography cites 5 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEbudcontrol.doc
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Unformatted sample text from the term paper:
ensure that the budget has been created in a realistic manner. A budget The Institute of Cost Management Accountants describe a budget thus; "A financial and or/quantitative statement prepared
prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. It may include income, expenditure and
the employment of capital" (Chadwick, 2004). Therefore, we can see it is a predetermined plan that is used to determine the way a business uses its resources. This will
also need to be controlled. Budgetary control is described by the same organisation as; "The establishment of budgets relating the responsibilities of the executives to the requirements of the policy,
and by continuous comparison of actual with budgeted results either to secure by individual action the objective of that policy or to provide a basis for its revision "
(Chadwick, 2004). For there to be viable control the budget itself needs to be realistic, which requires consideration of both the revenues as well as the costs (Elliott and
Elliott, 2008). Therefore, controls start with the way forecasting takes place and the need to understand the underlying cost structures of providing the goods or service and well as the
way that revenue is achieved. There are several different aspects of forecasting. The first issue may be the way in which demand
is related to different factors. In estimating demand relationship future demand may be forecasted with the use of a statistical factor. There are many potential influences that will impact on
the demand for a good, depending on the good, For example it is know that when the temperature increases more ice-cream will be sold, likewise, when it is cold more
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