Assignment # 2 (Chapter 1 Definition)

Assignment # 2 (Chapter 1 Definition) - Naiya Amin ACCT...

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Naiya Amin ACCT 3240*01WE September, 02 2010 Assignment # 2 Definitions: 1. Budget: A Budget is a quantitative expression of a proposed plan of action by management and is an aid to coordination what needs to be done in implements that plan. Quantitative plan of activities and programs expressed in terms of assets, liabilities, revenues, and expenses. Budget participants will be involved in carrying out the plan, or in other quantitative terms such as units of product or service. The budget expresses the organizational goals in terms of specific financial and operating objectives. Advantages of budget preparation are planning, communicating companywide goals to subunits, fostering cooperation between departments, maintaining control by evaluating actual figures to budget figures, and revealing the interrelationship of one function to another. 2. Control: Control comprises taking actions that implement the planning decision, deciding how to evaluate performance, and providing feedback and
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learning to help future decision making. Measures assuring conformity with an organization's policies, procedures, or standards, as in quality control . Methods and procedures that are implemented by a firm to help ensure the validity and accuracy of its own financial statements. The controls do not ensure compliance with laws and regulations, but rather are designed to help a company comply . 3.
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Assignment # 2 (Chapter 1 Definition) - Naiya Amin ACCT...

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