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2500 words essay .i uploaded a file with the assignment

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Answered Same DayMay 05, 2021

Solution

Dr. Smita answered on May 09 2021
54 Votes
Budgeting
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Budgeting        [Type the document subtitle]        10-May-19        Student Name    
Budget
A budget is a detailed plan laid down in monetary terms regarding the expenditures and incomes of the company in respect of the future time period. It is prepared in advance and is based on the objectives laid down by the company along with the strategy and action plan laid down to attain those objectives.
Purpose of Budgeting
It is inevitable for a company to plan a budget. It is an inherent activity on the part of the company to plan a budget. The purpose of budgeting includes the following three aspects:
· A forecast of income and expenditure; and the profitability of the company.
· Aids in decision making
· Helps in monitor business performance
Forecast Function: Budgeting is regarded as the most important part of the business planning and operation. Business owners and managers are required to be able to predict whether the business is a profitable venture or not. The purpose of budgeting is basically to provide a systematic way knowing that how the business might perform, financially, if the identified strategies, events, plans are ca
ied out. In constructing a Business Plan, the manager attempts to forecast Income and Expenditure, and thereby profitability.
Decision Making: The main aim and purpose of budgeting is to construct a financial framework for the process of decision making. Finance is the lifeblood of any business. Hence, financial planning and budgeting help in a better decision-making process. In managing a business efficiently and responsibly, expenditure must be monitored and made diligently.
Monitoring Business Performance: Another important purpose of the process of budgeting is to enable the actual business performance to be evaluated against the forecast business performance. The budget provides a benchmark to check how well a company has performed and what could be a future course of action. Financial forecasting, decision making, and business monitoring are the three main purpose of preparing a budget.
Process of Budgeting
Budgeting is a detailed and time taking process with several small and important steps up making it at large. The process of budgeting is explained below.
1. Making realistic assumptions: Budgets are mostly laid down and prepared on certain predefined parameters and assumptions. Those parameters are related to the trends depicted by sales, cost or environmental conditions. Before preparing the actual budget, these assumptions must be thoroughly studied as per the company objectives and recent environmental conditions.
2. Availability of funds: Lack of funding can negate the growth of the business and fulfillment of its objectives. Finance is the life blood of any business venture. Therefore, while preparing the budgets, due attention should to be given to the source of funding as the...
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