Managing Finances and Budget - Study Material with Solved Assignments

This study material provides insights into managing finances and budget. It covers topics such as budget control, financial viability, resource allocation, payroll and accounts payable expenses, and methods to increase profit. The material includes solved assignments, essays, dissertations, and more.

MANAGING FINANCES
AND BUDGET

Table of Contents
Section 1..........................................................................................................................................4
Question 1...................................................................................................................................4
Question 2...................................................................................................................................5
Question 3...................................................................................................................................5
Question 4...................................................................................................................................5
Question 5...................................................................................................................................5
Question 6...................................................................................................................................5
Question 7...................................................................................................................................6
Question 8...................................................................................................................................6
Question 9...................................................................................................................................6
Question 10.................................................................................................................................6
Question 11.................................................................................................................................6
Question 12.................................................................................................................................6
Question 13.................................................................................................................................7
Section 2..........................................................................................................................................7
Question 1...................................................................................................................................7
Question 2...................................................................................................................................7
Question 3...................................................................................................................................7
Question 4...................................................................................................................................7
Question 5...................................................................................................................................8
Question 6...................................................................................................................................8
Question 7...................................................................................................................................8
Question 8...................................................................................................................................8
Question 9...................................................................................................................................8
Question 10.................................................................................................................................8
Question 11.................................................................................................................................8
Question 12.................................................................................................................................9
Question 13.................................................................................................................................9
Question 14.................................................................................................................................9
Section 3..........................................................................................................................................9

Question 1...................................................................................................................................9
Question 2.................................................................................................................................10
Question 3.................................................................................................................................10
Question 4.................................................................................................................................10
Question 5.................................................................................................................................10
Question 6.................................................................................................................................10
Question 7.................................................................................................................................11
Question 8.................................................................................................................................12
Question 9.................................................................................................................................12
Question 10...............................................................................................................................12
Question 11...............................................................................................................................12
Section 4........................................................................................................................................13
Question 1.................................................................................................................................13
Question 2.................................................................................................................................13
Question 3.................................................................................................................................14
Question 4.................................................................................................................................14
Question 5.................................................................................................................................14
Case study part...............................................................................................................................14
Task 1............................................................................................................................................14
Question 1.................................................................................................................................14
Question 2.................................................................................................................................15
Question 3.................................................................................................................................15
Question 4.................................................................................................................................15
Question 5.................................................................................................................................16
Task 2............................................................................................................................................16
Task 3............................................................................................................................................17
Question 1.................................................................................................................................17
Question 2.................................................................................................................................17
Question 3.................................................................................................................................18
Question 4.................................................................................................................................18
Question 5.................................................................................................................................18

REFERENCES..............................................................................................................................20

Section 1
Question 1
Budget is an estimated value or projection regarding the set of activities that is
conducted. This is more like a detailed financial planning comprises with the revenue and
expenses related to operation and functional areas' organisation perform, The purpose of budget
is to control and monitor all different financial activities related to the organisation.
Question 2
Funds associated with the business organisation are segregated into all its different
departments and projects operate by the company. The financial resources are limited in number
that require strong support from the financial team and professionals to identify the overall needs
and demands of the project in context to allocation of its financial resources and funds (Bryce,
2017). Every single function and operational area has its own needs and requirements that should
have been overcome with support of financial resources available with the business entity. On
the basis of number of functions operated and conducted this segregation of finances is done.
Question 3
Fixed budget remain fixed irrespective of the level of activity. This is the total of
expected cost that will be incurred even if the production is not allocated or the services are not
delivered to the customers. The role of the fixed cost is to project all different fixed nature of
cost. The other side variable budget is a sum of all different variable cost associated with
business operations of company.
Question 4
Cash budget is a term denoted as the projection of all different cash flow activities in the
coming future. This is a statement that include all the cash nature inflow and outflow of funds in
the organisation. The use of the cash budget is to monitor and control the liquidity situation of
the organisation in the coming financial year.

Question 5
Profit and loss budget is a projection of expected future profitability and loss the
organisation wound entertain against the operational and functional activity conducted. This is a
budget that involve expected future profit and loss projection related to the organisation. This is
comprises with expected income and all expected expenses that company will incurred.
Question 6
Financial viability is a practice that involve the viability of the financial resources
associated with the organisation. This involves analysing the financial resources of the
organisation and also involve addressing the financial requirements of the organisation.
Profitability is a term that involve assessing the outcome of the business operation and function
that is conducted (Chanias, Myers and Hess, 2019). Liquidity is on the other side a term that
involve the position of the cash in the business. This involves where the organisation is capable
to mitigate its expenses and cash flow associated with the business organisation.
Question 7
Budget cycle is a tenure of budget. This is the overall time that is target against the
budget. Usually the budget cycle is of one financial year.
Question 8
Everly time budget priorities get change this also effect the budget. This further create an
impact over the areas of budget that will be affected. This involves making necessary changes in
the budget on the basis of the new and modified priorities. In this situation budget do not remain
the same it also alter based on the new and modified priorities.
Question 9
The financial experts and the board of directors of company are interested stakeholder
group that is interested in knowing about the wage related expenses in budget. The limitation of
funding in wages in always a part of the financial experts and also for the accountant.
Question 10
The awareness of budget control can be raised with support of email marketing. The
another practice that can be adopted in this regard is by conducting the social event. There are
the two main activities that is conducted to spread the awareness in respect to the budget
controlling process.

Question 11
Budget control allow the organisation to maximise the utilisation of financial resources
associated with the organisation. This is like for example of it is supported that the budget
control would guide the company to control the expenses that I not required. The budget control
also improve the liquidity situation of the organisation. For example budget control will
eliminate all unusual expenses of the company.
Question 12
Resource allocation direct about all the areas where resources of the company are
allocated. This involves identifying all the functional direction where resources are funded in
organisation (Franco‐Santos and Otley, 2018). This play a massive role in implementing the
funds at all different functional areas of company.
Question 13
The projection of resources can be done with support of documents like income
statement, balance sheet, purchasing document and bank account records. All these are the
records that will project about the entire resource allocation practice in business.
Section 2
Question 1
Once the implementation process is conducted properly the next step is to compare the
actual records with the budgeted records. This involve comparing the actual values with the
expected values identified in budget (Halligan, 2017). This process allows the organisation to
identify the efficiency of services utilise by the company. The reason behind comparison is to
analysis the effectiveness of services and cost efficiency of the respective operations.
Question 2
The actual income and expenditure figure can b check at the end of six months of 12
months. There must be some time frame that also allocated to implement the performance or
strategic choices of the organisation. Quarterly basis of implementation can also be done in these
regards.
Question 3
 Balance sheet

 Income statement
 Statement of cash flow
 Statement of stakeholder equity
 Footnotes of financial statement
 Bank statement
Question 4
The one key benefits of using the computerised system to maintain the financial records
is that it is easy to keep all the records and transactions. Data protection is very essential part and
this empower the business unit to easily protect all the information.
Question 5
The financial commitments of business is to achieve the best level of financial stability
for the business organisation. This is about to support the financial capability and profitability of
the organisation to enhance the financial strength of the organisation (Rondinelli, 2017).
Empowering financial stability is a key aim behind all these operations.
Question 6
Examples of financial commitments like salary expense and stationary expenses of the
organisation. These two are the major commitments of the organisation associated with the
finances.
Question 7
The cost of monitoring is segregated into direct agency cost and indirect agency cost.
This is further segregated into monitoring cost, bonding cost and residual cost. The another cost
is indirect agency cost.
Question 8
Formula:
Variance / Budgeted values * 100
Question 9
All figures are calculated correctively. All the three figures and values of variances are
identified appropriately and correctly.

Question 10
1) Favourable
2) Unfavourable
3) Unfavourable
4) Favourable
Question 11
Reason behind the occurrence of budget deviation:
 The cost is more than budget.
 Planned activity do not occur when expected.
 Change ion planned activity.
 Error or omission.
Question 12
There are certain factors that investigate while analysing the budget deviation are like
reliability of the records analysed, accuracy of the records and the judgement made over the
factors (Sciara, 2017). All these are the core factors that significantly affect and impact the
budget deviation practice entertained by the organisation.
Question 13
In order to manage the budget deviation process effectively following are the factors that
needed to consider.
 Data of market environment
 Market, competition and substitute.
 Collaboration with other departments.
Question 14
Following is the type of information that is discussed with the staff members about the
budget targets.
 Methods adopted.
 Cost of each process.
 Fixed and variable cost
 Time frame require to implement the whole process.

Section 3
Question 1
Trend analysis is about to assess and analysis of the trend incurred in the respective
expenses and the activity. This is a whole process that involve adopting the proper level of
improvement in the particular expenses or activity. The budget is a projection of possible future
expenses or cost the company will incur in against to deliver the respective operation and
functional activity. The trend analysis is about to assess the specific trend that is associated with
the expenses and the practice entertained by the organisation.
Question 2
Assessment of the existing cost is done with support of asking certain questions. The first
question is belong to the potential cost that is required for each individual functional activity.
The question is about the segregation of the fixed and variable cost belong to each functional
activity entertained (Tien, 2019). Both the questions are very necessary to implement in order to
process further a particular activity or functional activity.
Question 3
I should discuss the desired outcomes with my immediate supervisor and departmental head.
Question 4
The possible approaches are:
 Discussing with existing suppliers for the ways to bring down the cost of stock.
 Find and source new suppliers for materials if required.
 Revaluate requirements for staffing and placement to bring down the wage cost.
 Investigate potential changes in placement (Naidoo and Mestry, 2017).
 Review procedures for operations and production.
Question 5
To control and manage payroll expenses:
 Determine in advance anticipated numbers of customers and associated workload when
preparing for placement.
 Revise levels for employment and individual worker’s start and finish times each day as
the no. of customers are clear.
 Keep overtime at the minimum. Overtimes should be approved only by managers.

 Schedule annual leaves such that they coincide with off season periods whenever
possible.
 Pay staff according to the role undertaken. Don’t pay the technician the same rate as
engineer.
Question 6
To control and manage accounts payable expenses:
Buy bulk
Some suppliers offer discounts on large orders to induce high purchases. This helps them plan
their production and supply accordingly and reduce costs. So, consider the benefits of placing
large orders (Patz and Goetz, 2019).
Just in Time (JIT)
As an alternative, you can use Just In Time system of managing inventory. This means you
should only order stock when needed. As a result, only the minimum amount of stock is required
to be stored at a point of time, reducing the requirement for storage costs and space.
Negotiations
You should always explore the opportunity of negotiating with suppliers. Discussions should be
on discounts on large orders, delivery expenses, account payment etc. Terms of trade should be
longer, allowing you to use stock without immediate payment.
Question 7
Three main methods to increase profit are:
Increase the business volume
 Utilise effective selling techniques to earn more revenue for each unit of product sold.
 If you can, you should try to sell products in combination to increase sales and overall
profit, for e.g. coffee and snacks, meal with a glass of soft drinks etc.
 Make use of incentives for selling more such as coupons, loyalty cards.
 Improve the products by adding USP for them or making them stand out against those of
competitors (Emerling and Wojcik-Jurkiewicz, 2018).
 Introduce frequent packaging and advertising changes to recreate interest.
 Develop a dedicated sales team and introduce incentives for them on the basis of sales
made by them.

Increase production
 Use the resources efficiently with productive placement, event planning, allocating
duties, and maintain records for bookings.
 Purchase or lease an equipment which would enhance production speed or production
capacity, thereby enhancing efficiency.
Change pricing structures
 You can increase the price of popular products or services, but you should ensure that
will be accepted by customers.
 Moreover, the price increase should be incremental, not a large increase in one go.
Otherwise you risk losing even loyal customers.
Question 8
I should present my recommendations to the following two people:
General Manager- The person in charge of the entire business operations.
Finance Expert- Can be a finance manager, accountant or similar staff.
Question 9
Customer Support and Service
 No business can afford to deteriorate their customer service. As a result of reduction in
services and staffing levels, poor service can lead to poor customer retention and
eventual loss of business. Business may see gain in the short term, but the long-term
results could be extremely negative (Smith, 2019).
 Staff Morale
 Employee Morale is not properly accounted for, while trying to improve the business
performance. However, unhappy employees may either don’t turn up or leave the
organisation altogether. Such employees don’t strive for the sales of services and
products as well as a staff that is keen and enthusiastic. The implementation of new
processes and systems might cut down expenses, but it can also cut down sales it the staff
don’t support the changes being implemented.

Question 10
To present recommendations, you should prepare and communicate the information clearly
while presenting your ideas. You should ensure that the recommendations you make are logical
and practical.
Question 11
Information can include:
 The operational area for improvement-increase in sales or productivity, reduction in
payroll or overheads etc.
 How and when the changes are going to be implemented and who will implement those
changes.
 How the changes will cause an improvement in operations, and how the budget
performance will be affected (Cvitanović, 2018).
 How the business operations would be affected directly.
 A clear outline containing details of improvements or changes to be made.
 Any costs related to the changes to be made, whether immediate or later.
Section 4
Question 1
Usually statistical and financial reports comprises of information on some of the key areas
of the business such as sales, expenses, revenue and performance. The information to be
included in the statistical and financial reports is largely depends upon the type of report and for
whom it is being prepared. For example information of daily revenue summary are usually
distributed among staff of the sales department whereas monthly statistical analysis report are
distributed among management team (Bondaruk, Bondaruk and Dubyna, 2019). Five examples
of information to be included in statistical or financial report made for supervisors of a suburban
hotel are as follow:
 Number of rooms sold
 Breaking down the rooms occupied that is, discounted, sold, complimentary
 Average room rate
 Total revenue
 Occupancy rates

Question 2
Formal statistical reports are prepared for reporting to management team comprises of monthly
sales analysis report. With regards to reception centre or large events, if such formal statistical
reports are prepared for management team, then the following information are required to be
included:
 Sales trends
 Occupancy rates
 Revenue generated through room or equipment hired or from any other sources
 Cash flow
 Average financial return for the reception areas
Question 3
To enable informed decision making -
 The report must be presented in a clear and concise manner along with all the relevant
information.
 The data and its analysis must be appropriate along with the required consideration given
to the type and amount of information (Barr and McClellan, 2018).
 Statistical and financial information should be represented pictorially through charts,
graphs and diagrams.
Question 4
Reports are completed when the purpose for which it is prepared has been fulfilled and the
required feedback on the results are obtained for period budgeted. Also, when possible causes
for variances and suggestions for improvement are made on the basis of identified trends, the
reports are completed then. It depends upon the type or nature of report that whether it is to be
completed on daily, monthly, quarterly or annual basis.
Question 5
Various accounting software programs are helpful in recording company’s flow of money and
accordingly examine its financial condition as well. With these software, recording of
transaction, generation of reports, management of vendors and customer contact, creation of
purchase order, tracking the level of stock, billing customers and monitoring account balance is

quite easier (Naidoo and Mestry, 2017). Therefore, budgets prepared through such software
provides for better management.
Case study part
Task 1
Question 1
Financial commitment under variable direct cost is food purchase and beverage purchase.
The respective commitment under the section variable indirect cost are laundry fees and
maintenance. In respect to the fixed indirect cost Insurance and licence fees are the two major
expense that is a part of this core category (Argento, Kaarbøe and Vakkuri, 2020). All these
commitments are different from each other and allocate a different proportion of cost for the
business unit. The financial commitments are segregated into the different directions such as
fixed variable that is further classified into direct cost and indirect cost for the respective
business entity.
Question 2
There are certain cost contain the majority of the part of the budgeted cost. This is
comprises with wages and on cost, food purchase, beverage purchase and tab commission. All
these are the four categories contain majority of the budget proportion. All these are the most
funds allocated in the budget period. Every expenditure has its own significance or way to
deliver the business operation (Maheshwar and et.al, 2021). These are the categories that would
consume the most of the cost associated with the budget. Every individual cost has its own
nature and on the basis of the nature of cost the total expense is incurred. The budget is prepared
on the basis of the individual needs and requirements of each expense category.
Question 3
All these are the categories that require extra funds and finances. Every expenditure
contain its own nature and behaviour. Wages and on cost, food purchase, beverage purchase and
tab commission are the such costs that require plenty of finances and funds to allocate in the
respective area of practice. These are the major expenses that play huge role in delivering the
overall services and products to the potential customers in the market. Wages is a primary cost
that involve at the initial stage of delivering the product to customer and also this cost went till

the end of the stage where the final product is successfully delivered to the potential customers
in the market (Tegene and Ram, 2021). Food purchase cost is also a type or category of cost that
involve buying or procurement cost for the food product offer by the business unit. Beverage
purchase is also a major cost associated with the delivering the food product to end customers.
Tab commission is also a cost that is essential for the business unit to allocate in order to deliver
the final product in the respective market.
Question 4
In order to communicate with the team members about the budget that is allocated to
various activities the information like the individual expense detail in respect to both fixed and
variable nature of cost to be ensured in against to communicate over the budget in the best way
possible. The information over the fixed and variable cost to be incurred are required to adopt in
process to mitigate the overall organisation goal. The information must be precise and accurate
to get the best possible direction.
Question 5
In process to promote the awareness of methods of controlling cost or increasing the
sales there are certain technique or methods. These techniques like training and development
programs so that proper information over the respective budgeted area could have been
delegated to the professional. Budgetary management is also an important technique that can be
used to control the cost. The practice like digital marketing can also be adopted to improve the
sales of the company. This is an important practice that will guide the organisation to ensure the
potential sale of the organisation in the respective target market. The role of the technique is to
maximise the overall sales of the organisation in the respective target market and also top control
the cost of delegating the operation and functions.
Task 2
Variance calculations

Particulars
April Favourable /
Unfavourable
May June
quarter
Budget Actual Variance Variance Budget Budget
$ $ $ % $ $
Revenue
Food sales 105,120 119,837 14,716.80 14.0% Favorable 114,975 328,500
Beverage sales 89,250 96,390 7,140.00 8% Favourable 91,875 262,500
Total sales 194,370 216,226 21,857 11.25% Favourable 206,850 591,000
Cost of sales
Food purchases 40,953 45,048 4095 -10% Unfavourable 42,194 124,100
Beverage purchases 27,563 30,043 2,481 -9.0% Unfavourable 26,775 78,750
Total cost of sales 68,516 75,091 6,576 -9.6% Unfavourable 68,969 202,850
Gross profit 125,855 141,135 15281 12.1% Favourable 137,881 388,150
Expenses
Advertising/Promotions 780 624 156 20.0% Favourable 962 2,600
Cleaning contractor 1,490 1,490 - 0.0% No deviation 1,490 4,471
Small equipment
replacement 333 393 (60) (18%) Unfavourable 333 1,000
Laundry 245 232 13 5.5% Favourable 245.00 735
Maintenance 1,493 1,262 231 15.5% Favourable 1,493.33 4,480
Printing & stationery 160 195 (35) (22.0%) Unfavourable 160.00 480
Training & seminars 408 653 (245) (60.0%) Unfavourable 396 1,200
Wages & on-costs 85,901 98,771 (12,870) (15%) Unfavourable 89,345 260,763
Utilities 3,441 3,235 206 6.0% Favourable 3,494 10,589
Total expenses 94,251 106,855 (12604) (13.4%) Unfavourable 97,919 285,857
NET PROFIT 31,604 34,281 2677 8.5% Favourable 40,115 102,293
Task 3
Question 1
No, there are not any such significant variances found in the sales figure for which there
should be enough consideration given. The result obtained from the budget regarding the sales
figure are favourable in nature as both food and beverages have a favourable movement in its

sales figures than what has been budgeted. There are 14% positive or favourable variance in
sales of food products whereas 8% positive and favourable variance has been indicated in
beverages products. The reason behind not being concerned about the sales figure is that it is
moving in the desired direction or can be said the variance are favourable because Bistro Hotel
has been able to generate its sales of food and beverages above the budgeted level (Patz and
Goetz, 2019). Accordingly, the actual results being more than expected leads to favourability for
the hotel. Therefore, there is no need for giving additional consideration towards the sales
figures as it is already in favour of the management.
Question 2
There are majorly two categories of expenses that is direct and indirect expenses. The first
category that is, direct cost doesn’t require any further investigation as the increase in the cost of
material purchase is obvious due to the higher generation of sales. The cost is directly related to
the sales generated and accordingly, with the increase in sales there is an increase on cost of
sales. On the other hand, there exists another category which is an indirect expenses. Among this
category, the labour costs are acting as an element on which there is need of great concern.
Labour costs has been indicated through training & seminars costs and wages & on – costs,
where both of these are showing unfavourable movement (Emerling and Wojcik-Jurkiewicz,
2018). These expenses are much higher than what has been expected in the budget. Training and
seminar costs are 60% more and wages and on costs are 15% more than the budgeted figures.
Thus requiring further investigation. The reason behind investigating it is that, these both
expenses being actually higher than expectation leads to increase in the total expenses and
decrease in the net profit margin. Therefore being unfavourable, these expenses are affecting the
profitability of the Bistro hotel.
Question 3
In context to the Bistro Department the sale variance is denoting the positive result. This
is remonstrating as the total variance of 14% is travelling in a positive direction. The increased
and favourable variance in respect to the sales of company is always a positive indicator that
further support the growth and development objectives of the business unit. Gross profit variance
is also favourable that is 12.1% which indicated the fact that company has earned more
favourable return over the sales made by the business unit. Advertising and promotion are also a
variance that is favourable as it is increasing (Lysiak, 2019). This can also be controlled fuehrer

by the organisation. The total expense is also increased by 13.4% as per the variable calculation.
The overall management of organisation funding is very effectively done as the company is
capable enough to increase its net profitability. This can be demonstrated that the organisation is
effectively addressing all its various business objectives.
Question 4
Wages and on cost is a category that hold the most number of cost allocation. The total
cost incurred over this is 98771 which is maximum in comparison to other cost figures. The role
of this cost is to make the product ready to sale in market. This cost plays a crucial role in
making the product ready to sale top the end customers in the market. The role this cost category
played is very significant in meeting up the final business objectives as this cost contain a huge
role in making the product ready to sale to the end customers in the market.
Question 5
The overall of the budget is precisely stated the fact that the organisation is well efficient
enough to generate the healthy return against the business operations channelises. The budget is
effective pin the overall performance of the business unit in the respective target market. The
budget was well sufficient to met up all the requirement of the business. Changes in some areas
are required like administrative promotions could be controlled more closely as the expense went
more than the expected figure (Sohrabi and et.al., 2021). Printing and stationary can be improved
in the next budget. These are the changes will make the budget more relevant in context to the
organisation need and requirements.

REFERENCES
Books and Journals
Bryce, H. J., 2017. Financial and strategic management for nonprofit organizations. De Gruyter.
Chanias, S., Myers, M. D. and Hess, T., 2019. Digital transformation strategy making in pre-
digital organizations: The case of a financial services provider. The Journal of Strategic
Information Systems. 28(1). pp.17-33.
Franco‐Santos, M. and Otley, D., 2018. Reviewing and theorizing the unintended consequences
of performance management systems. International Journal of Management
Reviews. 20(3). pp.696-730.
Halligan, J., 2017. Reform design and performance in Australia and New Zealand.
In Transcending new public management (pp. 55-76). Routledge.
Rondinelli, D. A., 2017. Decentralization and development. In International development
governance (pp. 391-404). Routledge.
Sciara, G. C., 2017. Metropolitan transportation planning: Lessons from the past, institutions for
the future. Journal of the American Planning Association. 83(3). pp.262-276.
Tien, N. H., 2019. International economics, business and management strategy. Dehli: Academic
Publications.
Argento, D., Kaarbøe, K. and Vakkuri, J., 2020. Constructing certainty through public
budgeting: budgetary responses to the COVID-19 pandemic in Finland, Norway and
Sweden. Journal of Public Budgeting, Accounting & Financial Management.
Maheshwari, S. N., Maheshwari, S. K. and Maheshwari, M. S. K., 2021. Principles of
Management Accounting. Sultan Chand & Sons.
Tegene, K. B. and Ram, B. M. V., 2021. ASSESSMENT OF THE EFFECTIVENESS OF
BUDGETING AND BUDGETARY CONTROL IN CASE OF HAWASSA
UNIVERSITY, SIDAMA NATIONAL REGIONAL STATE, ETHIOPIA.
Lysiak, L. V., 2019. Budgetary decentralization: the status and prospects of implementation in
Ukraine. Challenges and prospects for the development of a new economy at global,
national, and regional levels, Liha Pres, Lviv Torun, pр. pp.55-72.
Sohrabi, R. and et.al., 2021. A scoping review of public hospitals autonomy in Iran: from
budgetary hospitals to corporate hospitals. BMC Health Services Research. 21(1). pp.1.

Naidoo, P. and Mestry, R., 2017. The financial policy as a monitoring tool for managing
finances in public schools. Journal of Social Sciences, 52(1-3), pp.92-104.
Patz, R. and Goetz, K. H., 2019. Managing money and discord in the UN: Budgeting and
bureaucracy. Oxford University Press.
Emerling, I. and Wojcik-Jurkiewicz, M., 2018. The risk associated with the replacement of
traditional budget with performance budgeting in the public finance sector
management. Ekonomicko-manazerske spektrum, 12(1), pp.55-63.
Smith, D. O., 2019. University Finances: Accounting and Budgeting Principles for Higher
Education. JHU Press.
Cvitanović, P. L., 2018. Managing accounting and financial aspects of marketing. Journal of
Accounting and Management, 8(2), pp.83-94.
Bondaruk, T., Bondaruk, I. and Dubyna, M., 2019. Conceptual approaches to the financial
stability of local budgets management. Економічні горизонти, (3 (10)), pp.23-30.
Barr, M. J. and McClellan, G. S., 2018. Budgets and financial management in higher education.
John Wiley & Sons.