Budgets and Budgetary Controls
Budgets are essential management control mechanism. Unfortunately, many budgeting systems prove inadequate for this purpose. This course will take you through not only what and why organisations prepare budgets but also the consequences of over and under budgeting, budgetary control and its behavioural implications. This course will help you understand why budgets are so important and how they can be designed and implemented to truly support management decision-making.
Typical Course Outline
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What budgets are
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Steps involved in budget preparation.
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Proformas of and how to prepare functional and master budgets.
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Fixed and flexible budgets.
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Two types of budget preparation — incremental and zero based budgeting.
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What are Incremental and Zero-based budgeting
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Rolling or continuous budgets.
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Problems associated with implementation of a budgetary control system.
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