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Essay / Research Paper Abstract
A 7 page paper answering 8 questions about the budgeting processes and uses of the corporate budget, including one question about how budgeting led to a decision in the hospitality industry in 2006. Other questions include assessing the budget as an analytic tool; how the budget can be used to find and eliminate inefficiencies; and how it can be used in the business control cycle. Bibliography lists 7 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSacctBudPro.rtf
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Unformatted sample text from the term paper:
business professor proclaims that "corporate budgeting is a joke, and everyone knows it" (Jensen, 2001). The process hardly seems to be joke-worthy at the time the organization is traveling
through it, however. Stages of the Budget Process The process of devising a final budget for the upcoming year for the entire organization
begins with each department establishing a target budget for themselves. These departmental budgets are based on previous and current years budgets and include allowance for growth during the upcoming
year. Departmental budgets are combined to create division budgets, which in turn are combined to create an overall financial target for the organization for the upcoming year.
The smallest of units of the organization operate within the limits of several budgets. Depending on the unit, there can be operations, capital and
cash budgets and the unit will need to make projections for each one for the upcoming year. The same is true for larger business units and ultimately for the
organization. Forecasting the future is a prime component of the budget process because it forms the basis for expected increase during the upcoming
year. The sales department needs to be the most accurate in its forecasting for the future, for all other departments needs will be based on that. If the
sales department forecasts 10 percent increase over the current year, then production, shipping, customer support and purchasing will need to expect similar increases for themselves during the upcoming year.
Review of actual results is part of the budgeting process as well. Did each department meet its goals during the current year, or
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