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13 Budgeting


CH13 BUDGETING 1.BUDGETARY PLANNING AND CONTROL SYSTEMS
A budgetary is a quantified plan of action for a forthcoming accounting period. A budget is a plan of what the organization is aiming to achieve and what is has set as a target whereas a forecast is an estimate of what is likely to occur in the future. The objectives of a budgetary planning and control system are as follows: To ensure the achievement of the organization’s objectives To compel planning To communicate ideas and plans To coordinate activities To provide a framework for responsibility accounting To establish a system of control To motivate employees to improve their performance

2.THE PREPARATION OF BUDGETS
2.1 Planning Planning is the establishment of objectives, and the formulation of the policies,strategies and tactics required to achieve them. Planning comprises long-term/strategic planning, and short-term operation planning. The value of long-term planning A budgetary planning and control system operating in isolation without any form of long-term planning as a framework is unlikely to produce maximum potential benefits for an organization. A.Without stated long-term objectives, managers do not know what they should be trying to achieve and so there are no criteria against which to assess possible courses of action. B.Without long-term planning, budgets may simply be based on a sales forecast. Performance can therefore only be judged in terms of previous years’ results, no analysis of the organization’s potential having been carried out. C.Many business decisions need to be taken on a long-term basis. For instance, new products cannot simply be introduced when sales of existing products begin to decline. Likewise, capital equipment cannot necessarily be purchased and installed in the short term if production volumes start to increase. D.With long-term planning, limiting factors (other than sales) which might arise can possibly be anticipated, and avoided or overcome. Except for capital expenditure budgets, the budget period is commonly the accounting year (sub-divided into 12 or 13 control periods). 2.2 The budget manual The budget manual is a collection of instructions governing the responsibilities of persons and the procedures, forms and records relating to the preparation and use of budgetary data.

Likely contents of a budget manual: A.An explanation of the objectives of the budgetary process B.Organizational structures C.rincipal budgets D.Administrative details of budget preparation E.Procedural matters 2.3 The responsibility for preparing budgets The initial responsibility for preparing the budget will normally be with the managers (and their subordinates) who will be carrying out the budget, selling goods or services and authorizing expenditure. Depending on the size of the organization there may be a large number of budget centers and a separate budget holder would be responsible for setting and achieving the budget for the center. 2.4 Budget committee The coordination and administration of budgets is usually the responsibility of a budget committee (with the managing director as chairman). The budget committee is assisted by a budget officer who is usually an accountant. Every part of the organization should be represented on the committee, so there should be a representative from sales, production, marketing and so on. Functions of the budget committee Coordination Issuing of timetables Allocation of responsibilities Provision of information Communication of final budgets Comparison Continuous assessment 2.5 The principal budget factor The principal budget factor should be identified at the beginning of the budgetary process, and the budget for this is prepared before all the others. The principal budget factor is the factor which limits the activities of an organization. Likely principal budget factors Sales demand Machine capacity Distribution and selling resources The availability of key raw materials

3.THE SALES BUDGET
For many organizations, the principal budget factors is sales volume. The sales budget is therefore often the primary budget from which the majority of the other budgets are derived.

4.PRODUCTION AND RELATED BUDGETS

Production capacity available Available labor Availability of raw materials Maximum machine hours available

5.FIXED AND FLEXIBLE BUDGETS
Fixed budgets remain unchanged regardless of the level of activity; flexible budgets are designed to flex with the level of activity. Flexible budgets are prepared using marginal costing and so mixed costs must be split into their fixed and variable components (possibly using the high/low method) . Fixed budgets A fixed budget is a budget which is normally set prior to the start of an accounting period, and which is not changed in response to changes in activity or costs/revenues. Fixed budgets (in terms of a pre-set expenditure limit) are also useful for controlling any fixed cost, and particularly non-production fixed costs such as advertising, because such costs should be unaffected by changes in activity level (within a certain range). Flexed budgets Comparison of a fixed budget with the actual results for a different level of activity is of little use for budgetary control purposes. Flexible budgets should be used to show what cost and revenues should have been for the actual level of activity. Differences between the flexible budget figures and actual results are variances. A flexible budget is a budget which is designed to change as volume of activity changes. Budgetary control is based around a system of budget centers. Each center has its own budget which is the responsibility of the budget holder.


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