Mind map
Lecture 2- Budgeting (1)
Map content
Lecture 2- Budgeting (1)
Purposes
- Planning annual operations
- Controlling activities
- Evaluating performance of managers
- Coordinating activities of various parts of organisation & ensuring there's harmony
- Communicating plans to various responsibility centre managers
- Motivating managers to strive to achieve organisational goals
Stages in budget process
- Communicate policy & guidelines to those reponsible
- Determine factor that restricts output
- Prepare sales budget
- Prepare supporting budgets & master budgets
- Negotiate budgets with line managers
- Coordination & review of budgets
- FInal acceptance of budgets
- Ongoing review of budgets
Information
- Description
- Highers Accounting and Finance (Year 2) (Management Accounting for Performance and Decision Making) Mind Map on Lecture 2- Budgeting (1), created by George Mariyajohnson on 27/08/2020.
- Created by
- George Mariyajohnson
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