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Topic 6: Financial Planning and Control - Coggle Diagram
Topic 6: Financial Planning and Control
Definition of budget: the overall plan of a business expressed in financial terms.
Purposes for budgeting:
Decide for the business
Exercise control over the business
Plan the business
The budgeting process
Prepare budgets
Approve budgets
Allocate responsibility
Implement budgets
Operationalise strategies
Measure performance
Audit resources
Act to control the event
Define objectives
Methods of Budgeting
Continuation
Zero based budget
Comparing actual and budgeted
Definitions:
Total
Budget
Actual
Variance