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Managing Finance Free essay! Download now

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Managing Finance

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Downloads to date: N/A | Words: 2696 | Submitted: 11-Apr-2011
Spelling accuracy: 96.9% | Number of pages: 12 | Filetype: Word .doc


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Managing Finance essay previewManaging Finance essay previewManaging Finance essay preview

Description

this essay is about cash flow diagrams and break even charts

Preview

Managing Finance

Budgetary Planning & Control, Variance Analysis, Standard Costing & Investment Analysis.

Introduction 3
Part 1 - Corporate Planning 3
Long – Term Objectives ----------------------------------------3
Functional Budget Planning -----------------------------------4
The Cash Budget Plan ------------------------------------------4
Co-ordination of Functional Budgets -------------------------5
Motivational Aspects of Budgeting ---------------------------5
Control Systems -------------------------------------------------6
Reporting Variances & Responsibility -----------------------6
Different Types of Budgeting & Budgeting Procedure------7
Part 2 – Standard Costing & Variance Analysis 8
A – Standard Profit & Loss Account (Gemstone Ltd) ------8
B – Variance Analysis (Gemstone Ltd) ---------------------------8
C- Management Control Information -------------------------9
Part 3 – Investment Analysis 9
A – Calculations (Diamond Ltd) ------------------------------9

Part 1 – Corporate Planning

Long – term objectives

According to Ronan (2007) “Strategic or long-term planning involves the development of a broad, long-term strategy to reflect the mission of the business. The time-frame for this type of planning stretches from three to ten years”.

Therefore from this quote it can be said that long-term planning is a set of objectives that indentifies the mission of the business or organisation. Consequently it can be said there is a direct relationship between planning and objectives as planning is done to achieve objectives.

As a result these so called long-term objectives can include for example: achieving good customer service, steady sales growth, establishing and maintaining a positive image of the business and also achieving a set asset growth.

Once these long-term objectives have been specified it is imperative that the business strives to meet them and they are measurable, within a set time frame and are prioritised. Failure to do so could result in long-term objectives not being met.

Functional Budget Planning

According to Answers.com (2011) functional budget planning is “a budget of income and/or expenditure applicable to a particular function. A function may refer to a department or a process”.

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