Manage Financial Budget

Running head: MANAGE FINANCIAL BUDGET
Manage Financial Budget
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

1MANAGE FINANCIAL BUDGET
Table of Contents
Part 1: Questionnaire.......................................................................................................................3
Answer to Question 1:.................................................................................................................3
Answer to Question 2:.................................................................................................................3
Answer to Question 3:.................................................................................................................3
Answer to Question 4:.................................................................................................................4
Answer to Question 5:.................................................................................................................5
Answer to Question 6:.................................................................................................................5
Answer to Question 7:.................................................................................................................5
Answer to Question 8:.................................................................................................................6
Answer to Question 9:.................................................................................................................6
Answer to Question 10:...............................................................................................................7
Answer to Question 11:...............................................................................................................7
Answer to Question 12:...............................................................................................................7
Answer to Question 13:...............................................................................................................8
Answer to Question 14:...............................................................................................................8
Answer to Question 15:...............................................................................................................8
Answer to Question 16:...............................................................................................................9
Answer to Question 17:...............................................................................................................9

2MANAGE FINANCIAL BUDGET
Answer to Question 18:.............................................................................................................10
Answer to Question 19:.............................................................................................................10
Answer to Question 20:.............................................................................................................12
Answer to Question 21:.............................................................................................................12
Answer to Question 22:.............................................................................................................12
Answer to Question 23:.............................................................................................................13
Answer to Question 24:.............................................................................................................13
Part 2: Case Study..........................................................................................................................13
Section 1: Accounting Principles and Government Legislation................................................13
Answer to Question 1:...........................................................................................................13
Answer to Question 2:...........................................................................................................14
Answer to Question 3:...........................................................................................................14
Answer to Question 4:...........................................................................................................14
Answer to Question 5:...........................................................................................................15
Answer to Question 6:...........................................................................................................15
References:....................................................................................................................................16

3MANAGE FINANCIAL BUDGET
Part 1: Questionnaire
Answer to Question 1:
Finance managers are primarily accountable to collate and submit institutional financial
estimations. Some process operates top-down approach, while the others follow bottom-up
approach. The financial manager provides advice regarding the most suitable approach that
would be deemed fit for the organisation (Atanasov and Black 2016). Moreover, the financial
manager is involved in general oversight by reviewing the monthly reports at least monthly for
his responsibility areas and increasing issues and accordingly, the same is communicated to the
top management.
Answer to Question 2:
For ensuring the success of the budget objectives, the occurrence of monitoring and
control activities would take place after the following:
 Budget for the activity area for the entire period along with profiling for the year to date
 Actual expenditure until date
 Future commitments of expenditure
 Balance of the remaining yearly budget
 Evaluation and description of any favourable or unfavourable variances
Thus, monitoring and control activities primarily adjoin with execution activities owing
to their occurrence.