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Unformatted text preview: 20f6 ADDENDUM I D 2018 YOUNG RAEIBIT PTY LTD‘ AUSTRALIAN PACIFIC COLLEGE “0550215 DIPLOMA OP ACCOUNTING I BUDGET MANAGEMENT_V3.I 11 Part A - Written or Oral Questions 1. a. Use one [Ii sentence to define a budget. (I mark) b. Budgeting is an entire process of developing and implementing a plan for an organisation’s activities. What activities may be involved in budgeting? List at least five [5] activities. (5 marks) c. What are the purposes of budgeting? List at least five [5] purposes. (5 marks) 2. Undertake your own research and use one [1] sentence for each. explain the key principles and practices of these terms: a. Accrualaccounting (I mark) b. Budgetary control (I mark) c. Corporate governance (1 mark) d. Double-entry bookkeeping (I mark) 3. a. In a short paragraph for each. clearly define and provide examples of the following terms: - Revenue (3 marks) 0 Expenditure (2 marks) I Cash (1 mark) h. Which budget/s are [i] revenues, [iiI expenditures. IiiiI capital and [iv] cash relevant to preparing? (4 marks) 4. a. The information gathered to prepare a budget generalty comes from a number of sou rces. List at least five I5] sou rces. (5 marks) b. In a short paragraph. explain how to ensure the objectives of operating budgets are clear and consistent with organisational aims and projects. (2 marks) (3. in a short paragraph. explain how to ensure the objectives of financing budgets are clear and consistent with organisational aims and projects. (2 marks) d. Why is it important to ensure budget objectives are clear and consistent with organisational aims and project? (2 marks) 5. Aset of policies and procedures must be created to set up the framework for the development of the budget and financial plans. What should the policy framework identify? List at least five [5] points. (5 marks) 6. Depending on the size and complexity of the operation there can be many stakeholders in the budget setting process. Discuss. in a short paragraph. at least two [2] stakeholders that may be involved. (4 marks) 7. What are the reasons that causing your budget to be rejected or cut to some extent? List at least five [5| reasons. (5 marks) 8. Reaching a consensus is the goal with any negotiation whether it be internally or externally. What should you consider when entering the negotiation process? Describe at least eight [8] considerations. (8 marks) ADDENDUM I © 2018 YOUNG RABBIT PTY LTD.AUSTRALIAN PACIFIC COLLEGE FN550215 DIPLOMA OF ACCOUNTING | BUDGET MANAGEMENTJI'BJ 12 ...
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