logo

Project Report on Manage Budget and Financial Plans

   

Added on  2020-04-21

10 Pages1610 Words62 Views
Running Head: Manage budget and Financial Plans 1Project Report: Manage budget and Financial Plans
Project Report on Manage Budget and Financial Plans_1
Manage budget and Financial Plans2Que 1)Sales budget:Statement of sales budget20152016ProductUnit salesSelling priceSales revenueBudgeted salesBudgeted selling priceBudgeted sales revenueCoffee34531035379.52.5948.75Tea1002.5250952.5237.5Hot chocolate12533751253375Cold drinks10022001002200Iced donuts20012004401440Cakes 30026003001.8540Total11702.2526601439.52.133071Through the above calculation, it has been found that the total sales of the company would be $ 3071 (Weston and Brigham, 2015).Que 2)GST:GST stands for goods and services tax. This tax is levied by the Australian government over most of the goods. This tax system has been introduced by the Australian government in 2000 in replacement of wholesales sales tax. GST is levied over the products in the manufacturing process and then it is refunded by all the parties in a chain by the final customers (Weaver, Weston and Weaver, 2001). Calculation of total selling price:Calculation of evaluating the total selling price is as follows:Purchase120000Expenses10000Sales145000GST rate10%
Project Report on Manage Budget and Financial Plans_2
Manage budget and Financial Plans3Calculation of total selling priceSales $ 14,50,000 Add: GST (10% of purchase) $ 12,000 Total sales $ 14,62,000 (Lord, 2007)Que 3)Developing and monitoring the budgets:While developing and monitoring over the budgets, it is required for the managers andthe organization to involve the relevant personnel so that a better study could be done and themangers could reach over a good conclusion (Ward, 2012). Following relevant personnel may be used by the organization to manage the performance of the budget and make better strategic plans:SupervisorsFrontline managersFinancial controllersAccountantsFinancial managers (Weaver, Weston and Weaver, 2001)The above personal would help the company to make a better decision. Que 4)Importance of cash flow budget:Cash flow is required for every organization to manage the cash position and obligatory position of a business. It maintains the record of the amount which is expected to flow in and out in particular time period. Cash flow budget is a financial tool which helps a company to analyze the cash flow in near future (Radebaugh, Gray and Black, 2006). In this
Project Report on Manage Budget and Financial Plans_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Understanding Management Accounting
|19
|5117
|61

Online Exam - Accounting for Business
|8
|648
|155

Managing Financial Resources
|13
|624
|55

Cost Report and Cash Flow Projection for a Launch Party
|11
|2628
|351

Accounting for Business: Sales, Financial Viability, Break-Even Analysis
|12
|1243
|232

BSBFIM601 | Manage Finance | Assessment
|13
|3693
|27