Role of budgeting in organizations and how budgeting can improve the financial performance of the company.
Question: Large corporations may follow specific budgeting methods that may not be available in public domain; you are expected to study how large companies (especially large retail malls) like TESCO PLC budget and derive benefits from the budgeting process and ultimately impact the financial performance.
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Budgeting information and its possible uses (250 words)
Major budgets and their importance: Sales budget (which drives all other budgets), cash budget (highlights liquidity of company)
Budgeted vs. Actual Performance (Variance analysis and its benefits)
Different types of budgeting methods and their respective benefits (250 words)
- Flexible Budgeting
- Rolling forecast
- Beyond budgeting etc.
Impact of budgeting on companies’ financial performance (300 words)
- Case studies
- Industry example
References
J. Dyson 2020 Accounting for non-accounting students. 10th Edition Pearson.
P. Atrill, E McLaney 2018 Management Accounting for Decision Makers. 9th Edition Pearson
P. Atrill E McLaney 2020 Financial Management for Decision makers 9th Edition Pearson
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