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Managing Finance and Budgets

This seminar covers various budgeting forms including Incremental, Zero-Base, and Activity-Based budgets, describing budgetary control steps, profit variances, and the learning curve impact on output levels. Learn to prepare budgets, manage performance data, and analyze variances effectively.

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Managing Finance and Budgets

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  1. Managing Finance and Budgets Seminar 10

  2. Questions 1 • Describe the different forms of budgeting • Describe briefly the main steps in the budgetary control process. • Describe the relationship between the budgeted profit, the variances (favourable and adverse) and the actual profit. • Describe the ‘learning curve’ as it applies to the time taken for a company to produce one level of output as the level of output grows.

  3. Incremental Budgets Zero-Base Budgets Activity-Based Budgets Standard Costs Different Forms of Budgeting

  4. Prepare budgets Perform and collect information on actual performance Respond to variances between planned and actual performance and exercise control The budgetary control process

  5. Budgeted profit plus All favourable variances minus All adverse variances equals Actual profit Relationship between the budgeted and actual profit

  6. The learning curve effect Time taken per unit of output Cumulative units of output

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