clear definition of a manager’s authority and responsibility. (ii) The production of performance reports at frequent intervals comparing actual and budget costs for individual expense items. Variances should be analysed according to whether they are controllable or non-controllable by the manager. (iii) The managers should participate in the setting of budgets and standards. (iv) The system should ensure that variances are investigated, causes found and remedial action is taken. (v) An effective cost
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information on sales income and costs is very essential to monitor the current performance of a business. Historical information of a business sales income and costs tells the business the amount of income they have acquired and the total amount of their expenses in previous years. This information helps monitor the current performance of a business so that they could use previous information to compare the different data’s. There are three main data’s that are very essential when monitoring business performance
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A comprehensive (master) budget is a formal statement of management’s expectations regarding sales, expenses, volume, and other financial transactions of the organization for the coming period. Simply put, a budget is a set of pro forma (projected or planned) financial statements. It consists of a pro forma income statement, pro forma balance sheet, and cash budget. A budget is a tool for both planning and control. At the beginning of the period, the budget is the plan or standard;
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Executive Summary Students have prepared a Marketing Plan based on Houzit Home wares based in Brisbane QLD Australia, with Head Office in Milton QLD. Houzit Home wares supply home wars to the marketplace and are looking to expand. The marketing strategies outlined by the CEO are to obtain: ● Increased sales from $15million per year to $20million per year in the next three years. ● Increase our loyalty customers list from 10,000 to 15,000. ● Establish brand recognition in Brisbane so that at
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Sonnega and Sian Muir, Professors at St. Olaf College, for instruction and guidance 2 Table of Contents 1. Executive Summary 2. Introduction 2.1 Mission Statement 2.2 Main Objectives 3. Marketing Strategies (2008) 3.1 Overview 3.2 Budget 3.3 Marketing Strategies 3.4 Assessment 4. Current Situational Assessment 4.1 Industry Analysis 4.2 Macroenvironmental Analysis 4.2.1 Culture 4.2.1.1 Cultural Trends: United States of America 4.2.1.2 Cultural Trends: Canada 4.2.1.3 Cultural
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are; sinks, mirrors, and vanities. They are trying to forecast their sales and create a budget of what their expected sales will look like in the coming months. Marlin Company has already done their budgeting for the next few months. They had a break-even point of $430,000 and expect sales of $500,000. This in the end showed them a net profit of $36,400. Now that they have the actual sales number, the budget that they had predicted is way off. Although they did hit the expected $500,000 in sales
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approaches to budget setting? Budgeting Budgeting is a formal process in which a company's expenses and revenues are planned for the future. Top down and bottom up are two most common budgeting techniques. In the top-down approach, upper management prepares budgets with no input from employees or lower-level managers. In the bottom-up budgeting approach, managers and employees at the department level prepare budgets for their individual departments. A final, organizational budget is prepared by
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approaches that may be used to develop the budget. Managers typically prefer an approach known as participative budgeting. Discuss this form of budgeting and identify its advantages and disadvantages. Ans. Also called bottom-up budgeting or self-imposed budgets, where the initial flow of budget data moves from lower levels of responsibility to higher levels of responsibility. Each person with responsibility for cost control will prepare his or her own budget estimates and submit them to the next
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excellent service where we focus on the client and making sure they develop the right skills to play at a high level. The client build confidence in themselves and helps kids achieve their goals. OBJECTIVES 1. To create a camp that produces results 2. Establish relationships with schools and basketball coaches 3. Having players that graduated the camp and gets scholarship offers to play division 1 basketball 4. Keep kids off the street TARGET MARKET Generally players who want
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project proposals to help the firm reach its capital budget for the new year. The budget available for investing was limited to ECU80 million but the 11 major projects up for consideration totaled over (European Currency Unit) ECU208 million. Out of the 11 proposals, we decided to go consider only 10, excluding the Effluent Treatment Program, an environmentally oriented project with no returns and addition to the existing plant. But, if the budget permits, after considering the other projects, we could
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