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Essay / Research Paper Abstract
This 5 page paper considers what we mean by a budget and budgetary control, how this may occur in a real organisation and why it is important as well as the different influences. The writer applies these ideas to the National Wildlife Federation. The bibliography cites 4 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEconbug.rtf
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Unformatted sample text from the term paper:
If a budget is in place, but not controlled, then it will be a liability to any business. The role of the budget is to control the costs and
therefore the profits. It is also important in the short term for cash flow as there needs to be an ability for a company to be able to pay their
suppliers and creditors in the short term. Therefore, budgets can be seen as an important mechanism for controlling a company. The importance
of budgets and budgetary control cannot be understated. There are many different interpretations of these terms, but to find an all encompassing term it may be best to use a
definition from a management accounting organisation. 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, 1998).
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,
1998). In the National Wildlife Federation it may be that the budget will include aspects such as the need to invest in research,
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