Mind map
BUDGETING PART 1
Map content
BUDGETING PART 1
Business Planning
- Development of business goals
- Setting of objectives
What is a budget?
- Forecast of future events expressed in financial terms
Purpose
- Controlling
- Comparing performance with budget
- Planning
- Setting financial targets for business
- Communicating
- Set targets that employees can be motivated to strive for
- Controlling
Master Budget
- Summary of company's plans that set specific targets
- Represents a comprehensive expression of management's plans for the future
- Cash budget
- Balance sheet
- Income statement
- Represents a comprehensive expression of management's plans for the future
- Covers a 12 month accounting period
- Purpose
- To show business owners and managers a complete overview of the planned business activities and changes
- Summary of company's plans that set specific targets
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- Description
- Mind Map on BUDGETING PART 1, created by Ashmi Gandhi on 09/08/2017.
- Created by
- Ashmi Gandhi
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