Accounting Principles, Budgetary Control & OLC Restaurant Analysis

This report examines the purpose of the accounting function within an organization, focusing on OLC Restaurant. It assesses the accounting function in the context of regulatory and ethical constraints, evaluating its role in meeting organizational, stakeholder, and societal needs. The report also prepares a cash budget for OLC Restaurant using a spreadsheet, discussing the benefits and limitations of budgeting and budgetary planning. Furthermore, it identifies corrective actions to problems revealed by budgetary planning and control for effective organizational decision-making, justifying budgetary control solutions and their impact on organizational decision-making to ensure efficient and effective deployment of resources.

Unit 5 Accounting
Principles, Accounting
in Context and
Budgetary Control

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
P1 Examine the purpose of the accounting function within an organisation..............................1
P2 Assess the accounting function within the organisation in the context of regulatory and
ethical constraints........................................................................................................................2
M1 Evaluate the context and purpose of the accounting function in meeting organisational,
stakeholder and societal needs and expectations.........................................................................3
D1 Critically evaluate the role of accounting in informing decision making to meet
organisational, stakeholder and societal needs within complex operating environments...........4
P6 Prepare a cash budget from given data for an organisation using a spreadsheet...................5
P7 Discuss the benefits and limitations of budgets and budgetary planning, and control for an
organisation..................................................................................................................................6
M4 Identify corrective actions to problems revealed by budgetary planning and control for
effective organisational decision making....................................................................................8
D3 Justify budgetary control solutions and their impact on organisational decision making to
ensure efficient and effective deployment of resources..............................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Accounting planning is one of the most important factors from many others as it can help in
planning for the future which is highly uncertain and dynamic and thus it is very crucial as well
as critical to plan in an impactful manner so that it can add value to the company in the long run
(Al-Dmour, Zaidan and Al Natour, 2021). The below report contains explanation of many
aspects like the functions of accounting, its ethical constraints, cash budget and various
advantages and related aspects of the company named as OLC Restaurant which is operating in
the market on a big scale and thus has captured a larger share in the market.
MAIN BODY
P1 Examine the purpose of the accounting function within an organisation
The costing structure is determined by the company. In just about any event, the global
financial detailed principles have established a standardised sequence. The expenses incurred by
a company are determined by the operations they participate in. As a result, OLC Restaurant
Inc.'s spending structure is based on the activities. OLC Restaurant recognizes the following
price categories: immediate expenditures of transactions, item advancement, marketing,
miscellaneous, and management. The price of agreements includes all of the transactions that
occur during the development process. It's also not hard to keep track of the costs of
manufacturing components. OLC Restaurant divides such expenditures into two categories:
goods and administrative charges (Annen, 2017). Raw product, workmanship, and related
operational costs expenses are all included in price of the product. OLC Restaurant keeps track
of its expenditures in the following way: The total price of agreements, divided into 2 categories,
is 1996 million dollars, with the governments sector accounting for 1786 million dollars. In the
present timespan, the creative things component has been using 1217 million dollars. In 2018,
the marketing, administrative, and executive sector will generate a total of 1245 million dollars.
The break-even analysis point refers to the point at which the company neither loses money nor
makes profits. As a result, the firm's overall revenue is equal to its total expenditure. The
contribution margin threshold for OLC Restaurant Inc. is difficult to determine because the
financial statement doesn't really reflect the specifics for constant expenditures. Planning is an
important part of every company's operations. It assists organisations in successfully planning
and utilising existing assets. As a result, functional/departmental spending must be factored into

the budgetary process. OLC Restaurant Limited has a set spending for its operations. The
financial inflow report depicts the progression of income throughout the business. Furthermore,
projections have an impact on judgment call procedures. The appropriations include sections
inside the firm's many segments. Capital projection is a technique which ensures that a
corporation's activities are supported by adequate finances. Projection also aids managers in
understanding the streams of funding. They might generate money from either internally or
externally. This comprises income from activities as well as borrowing from outside parties.
OLC Restaurant has enough cash on hand, but it must plan correctly in the event of revenue and
spending changes. Furthermore, the fiscal position aids in the analysis of the firm’s monetary
efficiency assuming it remains to operate efficiently and effectively.
P2 Assess the accounting function within the organisation in the context of regulatory and ethical
constraints
Accountancy plays a vital function in business, economy, and culture. The competence and
reliability of the operations are critical for the advantage of the businessmen along with all
stakeholders (Commerford, Hatfield and Houston, 2018). As a consequence, accountancy
guidelines have indeed been formed, like the Widely Recognized Accountancy Procedures that
differ by region, and the Global Monetary Disclosure Rules that are adopted among most
nations. Such criteria and guidelines are intended to assure corporate accounting uniformity and
simplicity of comparability across companies. Despite current norms, there were also accounting
scandals that already have tarnished the reputation of corporations and the accounting profession
as a whole. To adapt to an emerging market, sustainable rules must be developed, and they are
only sustainable provided they have been accompanied by personal morality. An ethical is an
important component in developing appropriate standards and regulations high-quality and
consistent help. While completing accounting duties, ethical difficulties are commonly
occurring. Clients exert pressure on accountants to provide financial statements which are in
conflict with the firm's true financial condition in intended to mislead their major stakeholders.
The accountants are currently faced with the decision of choosing to gratify the client or to
promote the greater good. Groups, such as the Cpas Definition of Professionals Responsibility,
establish ethical norms for accountants in order to guide them in using their better judgement.
The duties framework, national good, legitimacy, impartiality and liberty, and reasonable
attention regulation are indeed the basic principles of the charter. Due to the complexity of their

profession and the consequences which come with it, observing such criteria would assist their
ability to exercise competent and ethical judgement. Accountants would seek to build reputation
of the profession, the company, the industry, and the broader community by following these
guidelines.
M1 Evaluate the context and purpose of the accounting function in meeting organisational,
stakeholder and societal needs and expectations
It assists organisations in successfully planning and utilising existing capabilities. As a
result, functional/departmental expenses must be factored into the budgetary control (Dutta,
Paitya and Majumdar, 2020). OLC Restaurant Limited has a set amount of money for its
operations. The financial circulation report depicts the availability of money throughout the
business. Furthermore, projections have an impact on judgement call procedures. The
appropriations encompass divisions inside the firm's many segments. Capital projection is a
service which ensures that even a corporation's activities are supported by adequate finances.
Projection also aids administration in understanding the origins of funding. Companies might
generate the money from through inside or exterior resources. This comprises income from
activities as well as borrowing from outside parties. OLC Restaurant has enough cash on hand,
but it must anticipate correctly in the event of revenue and spending changes. Furthermore, the
revenue budgeting aids in the analysis of the corporation's fiscal efficiency assuming it remains
to operate efficiently and effectively. Finance difficulties It should not be quick and
straightforward to make a budgeting. While working with huge organisations like OLC
Restaurant, reliability is essential. Inconsistency, on the other hand, could have an impact on the
budgetary procedure. Globalization and other variables might cause predictions to alter. As a
result, basic component expenses rise, costing the corporation greater than anticipated.
Throughout the budgetary procedure, OLC Restaurant has the issue of reaching rigorous
decisions. The end-of-financial-period administrative demands are the emphasis of the
procedure. The selection taken for another financial season within this time frame doesn't really
guarantee that there would be no variations. Because administration is hesitant, changing the
income and expenditure grows tougher. Any managerial judgement call process is constrained by
timeframe. To assure that the firm runs well, administration relies on a restricted amount of
period. As a result, creating budgeting requires awhile. The apportionment of expenses varies
through one activity to the next. The organisation has multiple price divisions that necessitates

proper budgeting by administration. Certain distributions could surpass planned expenditures,
whereas another stagnates owing to an abundance of resources (Eisenberg, 2016).
D1 Critically evaluate the role of accounting in informing decision making to meet
organisational, stakeholder and societal needs within complex operating environments
Fundamentally, accountancy is frequently employed as a technique to provide the
necessary understanding into actual details which could be relied upon during the judgement call
procedure. Management accountant contains a number of instruments which really can assist in
the creation of an ecosystem where multiple accountancy duties can be completed with the
requisite precision in accordance with the applicable data. Since specific bookkeeping
regulations and guidelines are frequently followed, accountancy delivers data which is relevant
and devoid of numerous individual mistakes. This basic accountancy management concept aids
the institution's finance department in assuring that bookkeeping data is correct, sensible, and
current. The knowledge could then be accepted and used to educate the judgement call
committee, resulting in improved organisational judgement call procedures and improved fiscal
efficiency. The implementation of technologies in an organisation helps the prevalence of
different enhanced accountancy activities, like the construction of a high-quality income or
funding requirements, and the examination of specific finance reports to obtain the essential
analytical data. The innovation enables the creation of multiple accountancy systems which
efficiently conducts accountancy operations in terms of improving the precision and agility of
data production for selection taking (Glushchenko, Yarkova and Kucherova, 2017). The
programme also conducts a variety of duties aimed at assuring a greater rate of precision in
maintaining the company's fiscal performance and commerce on schedule, along with producing
the necessary picture of the current fiscal well-being of the organisation. The requirement of
multiple bookkeeping declarations like the thorough declaration of monetary position, the
liquidity, predefined inclusive earnings, as well as other critical details which numerous
shareholders could require for only some of the judgement call procedures which explicitly or
obliquely impact the organisational budget and business condition is always the basis of
bookkeeping management procedures. Since it sets a precedent for budget holders to establish
the inherent qualities needed in replying adequately to numerous problems and concerns which
are frequently encountered in bookkeeping information inside a provided corporate world,
management bookkeeping performs a critical position in the judgement call procedure. It

comprises keeping track of the numerous expenses involved with the association's activities,
revenues, overall budgetary, and expenditures. Throughout most situations, this even involves
inspecting efforts, identifying and analysing prior patterns, and being willing to apply multiple
accountancy systems to forecast prospective requirements and marketing outcomes inside a
certain time of organisational processes (Horvat and Mojzer, 2019).
P6 Prepare a cash budget from given data for an organisation using a spreadsheet
PLANNED
EXPENSES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT
Employee
Costs Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Wages £6,387.50 £7,756.25 £8,212.50 £8,212.50 £8,851.25 £9,125.00 £9,125.00 £9,125.00 £9,125.00 £9,125.00
NI & Pension £699.64 £849.56 £899.53 £899.53 £969.50 £999.48 £999.48 £999.48 £999.48 £999.48
Subtotal £7,087.14 £8,605.81 £9,112.03 £9,112.03 £9,820.75 £10,124.48 £10,124.48 £10,124.48 £10,124.48 £10,124.48
Restaurant
Costs Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Restaurant lease £1,750.00 £1,750.00 £1,750.00 £1,750.00 £1,750.00 £1,750.00 £1,750.00 £1,750.00 £1,750.00 £1,750.00
Gas £400.00 £400.00 £400.00 £400.00 £400.00 £400.00 £400.00 £400.00 £400.00 £400.00
Electricity £300.00 £300.00 £300.00 £300.00 £300.00 £300.00 £300.00 £300.00 £300.00 £300.00
Water £80.00 £80.00 £80.00 £80.00 £80.00 £80.00 £80.00 £80.00 £80.00 £80.00
Telephone/
Internet £36.00 £36.00 £36.00 £36.00 £36.00 £36.00 £36.00 £36.00 £36.00 £36.00
Office supplies £200.00 £0.00 £0.00 £0.00 £0.00 £0.00 £200.00 £0.00 £0.00 £0.00
Stock £800.00 £1,500.00 £1,700.00 £1,700.00 £2,000.00 £2,100.00 £2,100.00 £2,100.00 £2,100.00 £2,100.00
Subtotal £3,566.00 £4,066.00 £4,266.00 £4,266.00 £4,566.00 £4,666.00 £4,866.00 £4,666.00 £4,666.00 £4,666.00
Marketing
Costs Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Website hosting £24.00 £24.00 £24.00 £24.00 £24.00 £24.00 £24.00 £24.00 £24.00 £24.00
Website updates £12.00 £12.00 £12.00 £12.00 £12.00 £12.00 £12.00 £12.00 £12.00 £12.00
Leaflet/Menu
printing £0.00 £200.00 £0.00 £0.00 £0.00 £0.00 £200.00 £0.00 £0.00 £200.00
Marketing
events £150.00 £150.00 £0.00 £0.00 £150.00 £150.00 £0.00 £0.00 £250.00 £250.00
Miscellaneous
expenses £0.00 £125.00 £78.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00 £0.00
Subtotal £186.00 £511.00 £114.00 £36.00 £186.00 £186.00 £236.00 £36.00 £286.00 £486.00

Lending
Cost Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Equity
Investment £500.00 £500.00 £500.00 £500.00 £500.00 £500.00 £500.00 £500.00 £500.00 £500.00
Business Loan £914.00 £914.00 £914.00 £914.00 £914.00 £914.00 £914.00 £914.00 £914.00 £914.00
Subtotal £1,414.00 £1,414.00 £1,414.00 £1,414.00 £1,414.00 £1,414.00 £1,414.00 £1,414.00 £1,414.00 £1,414.00
TOTAL
Expenses Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Monthly
Expenses £12,253.14 £14,596.81 £14,906.03 £14,828.03 £15,986.75 £16,390.48 £16,640.48 £16,240.48 £16,490.48 £16,690.48
Income Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Restaurant Sales £6,525.42 £12,080.30 £14,465.92 £13,589.87 £16,920.93 £20,372.47 £21,666.25 £21,383.95 £19,863.95 £17,750.95
Takeaway Sales £4,502.41 £6,895.55 £6,402.52 £8,652.18 £7,059.20 £5,852.30 £4,958.52 £4,600.82 £6,520.82 £8,953.82
Subtotal £11,027.83 £18,975.85 £20,868.44 £22,242.05 £23,980.13 £26,224.77 £26,624.77 £25,984.77 £26,384.77 £26,704.77
Profit &
Loss Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Total Expenses £12,253.14 £14,596.81 £14,906.03 £14,828.03 £15,986.75 £16,390.48 £16,640.48 £16,240.48 £16,490.48 £16,690.48
Total Income £11,027.83 £18,975.85 £20,868.44 £22,242.05 £23,980.13 £26,224.77 £26,624.77 £25,984.77 £26,384.77 £26,704.77
Profit/Loss £1,225.31 £4,379.04 £5,962.41 £7,414.02 £7,993.38 £9,834.29 £9,984.29 £9,744.29 £9,894.29 £10,014.29
P7 Discuss the benefits and limitations of budgets and budgetary planning, and control for an
organisation
Cost estimates could assist a corporation's financial performance as well as its executives.
It's simple to devise an approach when you have a spending plan (Kovalenko, 2019). A
prospective strategy is prepared to ensure that almost all divisions have always had the funds
which people necessary and also that the organisation meets its goals. Furthermore, the
budgeting contributes to the creation of a company's prospective strategy. It is standard
procedure to communicate a strategy to all divisions as well as other stakeholders of the
organisation even though it has been developed and authorised by the appropriate agencies.
Individuals would be responsible for keeping control about how much funds as company

is consuming and generating if you have a risk management plan in effect. Evaluate the
protracted objectives whenever making a budgeting so you may have used it to influence ones
subsequent decisions. A budgeting could be utilized to maintain a record of and manage the
operations of the business. The budgeting that specifies how much each division is responsible
for every monthly or quarterly, could aid in incentive and administration. Professionals which
achieve such objectives are often recognized with such an incentive or an advancement. The
budgeting enables an organisation to establish a record of its expenditures that aids the
organisation in this attempt.
Budgeting constraints and monetary management- Spending and fiscal administration
provide a number of advantages, but they often have some disadvantages. The following are
among the drawbacks:
 Response to fluctuations in the industry's layout and consumption trend, expenditures are
really not realistic. Since this statistics on this webpage is compared with the previous
seasons' results, budgeting often don't really seem logical fair.
 The advantages of taking inflation into account exceed the disadvantages. Smaller firms
usually find it difficult to access necessary to develop and maintain a strategy. Cost
estimates, on either extreme, can only be utilized for a few weeks or months (Lee, 2020).
 The spending might reverse if a corporation and its workers are really not engaged,
rendering it a dubious notion everywhere throughout.
Controlling a business earnings could be challenging. A particular objective can end up
posing a vulnerability to multiple aspects of the organisation. It's conceivable when project to
generate produce as much as is required by business units. Cost estimates has to be reasonable,
comprehensive, and managed throughout all divisions utilizing reliable information as a
consequence. These ought to be beneficial as well. Another explanation is that financial
regulations were reduced unnecessarily (Maheshwari, Maheshwari and Maheshwari, 2021).
Reduced level expenditures have always had the ability to provide an impact on business
environment; therefore these must be explored in depth. Financial planning and monetary
management are two methods that might be applied. Among almost each scenario, having a
budgeting could indeed be advantageous. Different businesses employ a range of budgetary
strategies to achieve their objectives. As one could understand, creating a budgeting takes
thorough evaluation of the following of factors. A business cannot simply buy a budgetary

program that runs it by itself. Several employees’ at all managerial stages despise it when their
investment strategies are altered after such an assessment of the existing circumstances. When
real planning starts, the pre-budgeting procedure can take close or even a year. This section
contains a wealth of material regarding the commencement of the budgetary procedure. They
talk about the "time schedule for developing a comprehensive income strategy and investment
plan."
M4 Identify corrective actions to problems revealed by budgetary planning and control for
effective organisational decision making
It is indeed critical to have had the right organisation in position in order to ensure that
budgeting are appropriately created, implemented, and handled (Massicotte and Henri, 2021). A
Budgeting Commission is formed, consisting of the directors of various sectors. Every one of the
division's regional leaders should ensure that respective expenditures are well-managed. The
complete budgeting process is under the authority of the Executive. He creates a budgeting team
to ensure that now the finances he generates are realistic. The finance panel is led by a finance
manager who assures that perhaps the expenditures of various divisions are in harmony.
Representatives of different divisions are responsible for assuring that one‘s respective units
receive sufficient funds to complete assigned tasks. A budgeting department, as the title suggests,
is the portion of an organisation in which the budgeting is prepared. A budgeting unit can be a
sector, a portion of an unit, and every other feature of the institution, based on the organisation.
Budgeting hubs are critical for assuring that almost all aspects of the business are addressed.
Budgeting units are indeed required for expense management. It is simpler to analyse the
characteristics of various parts of the firm whenever many locations are created. The Spending
Guide is a booklet which walks you through the process of creating a plan. A budgeting
guidebook is a manual which outlines the roles and duties of the different budgeting personnel. It
exemplifies how various individuals collaborate. A Finance Director is chosen by individuals at
the absolute pinnacle of an organisation. The budgeting director does have the right to monitor
and amend expenditures submitted by other divisions. Many sectors submit progress evaluations
to the Budgeting Director. He compares the price to whether the program is progressing, and if
any issues arise, he addresses them. He serves as a liaison among divisions and keeps record of
vital information. Statistics on the effectiveness of various divisions is provided to upper

administration. He would be capable of accomplishing an exceptional task if he knows how so
many of the divisions operate (NGUYEN and NGUYEN, 2021).
D3 Justify budgetary control solutions and their impact on organisational decision making to
ensure efficient and effective deployment of resources
Maintaining note of all revenue and expenditure is referred to as "budgeting process
management." Ensure to be certain to contrast the real profits and expenses to what
was previously anticipated. If any changes have to be made, this would be the opportunity to do
just that. Individuals who are in charge of the budgeting could utilise it to assist themselves stay
up and running quickly. Different committees keep track of its expenditures to determine if
company is on the verge of running short of money or not. It's down to the division, not
individuals, to figure out how to get funding for technology which firm can't really purchase.
Individuals employ budgetary limits (Shil, Hoque and Akter, 2019). It would occur if users start
losing funds even before session ends. One might well be compelled to go beyond cost based on
the circumstances. Budgetary constraints are necessary to avoid something from occurring
repeatedly. Internal monitoring of business results are part of budgeting process. Users might
notice, for instance, that far more funds is being spent than originally expected. This would give
everyone enough opportunity to think exactly wherever individuals can reduce expenses or make
more funds before circumstances get really bad. Whenever finances are already within
management, individuals may properly arrange respective working plans. Whenever the
marketing expenditure has grown excessively large, the marketing director is in charge of taking
it lower. Individuals could be powerless to do much regarding it due to factors within their
control or beyond their control. Budgeting administration software allows users to figure out just
how much funds company have had to invest. It will never be an accomplishment if
administration doesn't really provide out with a remedy to the issue. Budgeting process requires
constant monitoring as to how activities actually evolved throughout tenure. A one-time
overpaying variation of 25% is acceptable; however, if it occurs on a regular basis, there should
have been a mistake or breakdown in the expenditure procedure. Budgeting challenges need a
wide range of solutions. If company don't really have accessibility to correct information, it's
impossible to implement budgetary constraints effectively. As the business expands, it is indeed
likely that distinct divisions would then interact spending plan data in various ways. Charts and

graphs, web tools, and out-of-date software are all options. Several businesses discover it
challenging to connect all of their systems (Suykens, De Rynck and Verschuere, 2019).
CONCLUSION
It can be concluded from the above that there are a number of elements that affect the
working of the firm in both direct as well as indirect way and thus it is very crucial to analyse
and evaluate all the factors in an effective and efficient manner so that it can add value to the
firm. The company that has been taken in this report is OLC Restaurant which is operating in a
profitable way in the industry and thus it can add some of the elements so that it can stand well
ahead of all its competitors in the market for a long time period.

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