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Learner_SITXFIN004 Prepare and Monitor Budgets V2 LATEST UPDATE
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Learner_SITXFIN004 Prepare and Monitor Budgets V2 LATEST UPDATE
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Learner_SITXFIN004 Prepare and Monitor Budgets V2LATEST UPDATE
Purpose of budgets - *answers* control and monitor
planning
co-ordinate
communication
efficiency
motivation
historical budget - *answers* past data is used to prepare budgets - adjustments need
to be made if there are changes that are expected
zero based budgets - *answers* staff are not given a specific budget and all spending
is justified
it is less wasteful and empowers staff
but it can be time consuming
favourable variance - *answers* expenditure is less than expected
revenues are higher than expected
adverse variance - *answers* expenditure is higher than expected
revenues are lower than expected
difficulties of budgeting - *answers* rigidity
problems in setting the budget and the data used
poor motivation and result of the budgets
manipulation
short termist
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