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Managerial Accounting : Budgeting

   

Added on  2020-12-18

12 Pages3686 Words396 Views
FinanceProfessional DevelopmentPolitical Science
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MANAGERIALACCOUNTING
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EXEXUTIVE SUMMARYBudgeting is all about estimation of funds and designing plans for allocating funds todistinct department. Basically, their main objective is to control the probabilities of errors andmistakes by accomplishing things in systematic manner. Along with this, company design theiryearly, monthly and quarterly budget for managing their funds in most suitable manner.Therefore, main objective of this assignment is to highlight the need of budget at workplace bythrowing lights on necessary factors. However, specific articles is get selected in this project forexplaining the benefits of budget for organization. Last but not the least, proper usage of makingplans and strategy is also outlined for enhancing the performance of an organization by satisfyingthe clients needs or demands.
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Table of ContentsEXEXUTIVE SUMMARY.............................................................................................................1INTRODUCTION ..........................................................................................................................2MAIN BODY...................................................................................................................................2Purpose of accounting, auditing and accountability journal.......................................................4Purpose of journal of management accounting research ............................................................6Similarities and differences in the findings of the two studies...................................................7Outcomes.....................................................................................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................111
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INTRODUCTION Managerial accounting is the systematic process and procedures of identifying,measuring, analysing, interpreting, and communicating information for managers for achievingan organization's goals. Managerial accounting provide that information to manager to takedecision for improvement of the company (Hilton and Platt, 2013). The selected topic which isselected to continue in this report is budgeting and for that two articles are selected named asAccounting, Auditing, and Accountability and journal of Management accounting research. Forthe study of journal articles selected a real life organisation is Kmart Australia Limited. KmartAustralia limited is retail brand was established as reputable discount department store and theyhave 228 across stores Australia and New Zealand. Its offers entertainment or home productssuch as mobile phones, gifts, clothing, phone accessories, party décor items and many otherthings. On the basis of these articles define purpose of studies and research question and discussabout similarities and differences of two studies. After two studies what outcomes comes thatwill be justify to management accountants. MAIN BODYExplanation Of BudgetingBudgeting is the process of preparing budget plan for the organization to spend money insystematic manner. A budget is based on quantitative plan and used as a tool to deciding thatwhich activities giving priorities according to future time period.In a business for the preparation of budget including these operations are following as –(1) preparing estimates of future sales (2) preparing future day to day activities of theorganization (estimate) (3) preparing future cash disbursement and collections (4) summarizingthese estimates into an income statement and balance sheet. The budgeted balance sheet andincome statement are also known as pro forma financial statement. After preparation andapproved, organization used that budgeted balance sheet and income statement for controlling onfuture activities. Budgeting according to Accounting, auditing and Accountability journal that last decadesgovernments of many western countries are using system of transfer is cash based system intoaccrual based system. But now they using cash based system and the ultimate transfer inbudgeting needs to convert cash into accruals after the assessment the value of users and not2
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