Project on Budgetary Control Essay Essay Example

Project on Budgetary Control Essay Paper 1. A budget is concerned for a definite future period. 2. A budget is a written papers. 3. A budget is a elaborate program of all the economic activities of a concern. 4. All the sections of a concern unit co-operate for the readying of a concern budget. 5. Budget is a mean to accomplish concern and it is non an terminal in itself. 6. Budget demands to be updated. corrected and controlled every clip when fortunes alterations. Therefore it is a uninterrupted procedure. 7. Budget helps in planning. coordination and control. 8. Different types of budgets are prepared by industries harmonizing to concern demands. 9. A budget acts a concern barometer. 10. Budget is normally prepared in the visible radiation of Past Experience. 11. Budget is a changeless enterprise of the Management. We will write a custom essay sample on Project on Budgetary Control Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Project on Budgetary Control Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Project on Budgetary Control Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer 2 Preparation OF BUDGETS 1. Definition of aims: A budget being a program for the accomplishment of certain operational aims. it is desirable that the same are defined exactly. The aims should be written out ; the countries of control demarcated ; and points of gross and outgo to be covered by the budget stated. This will give a clear apprehension of the program and its range to all those who must collaborate to do it a success. 2. Location of the key ( or budget ) factor: There is normally one factor ( sometimes there may be more than one ) which sets a bound to the entire activity. For case. in India today sometimes non-availability of power does non let production to increase inspite of heavy demand. Similarly. deficiency of demand may restrict production. Such a factor is known as cardinal factor. For proper budgeting. it must be located and estimated decently. 3. Appointment of accountant: Formulation of a budget normally requires wholeclip services of a senior executive ; he must be assisted in this work by a Budget Committee. dwelling of all the caputs of section along with the Managing Director as the Chairman. The Controller is responsible for co-ordinating and development of budget programmes and fixing the manual of direction. known as Budget manual. The Budget manual is a agenda. papers or brochure which shows. in written forms the budgeting administration and processs. The manual should be good written and indexed so that a transcript thereof may be given to each departmental caput for counsel. 3 4. Budget period: The period covered by a budget is known as budget period. There is no general regulation regulating the choice of the budget period. In pattern the Budget Committee determines the length of the budget period suited for the concern. Normally. a calendar twelvemonth or a period coextensive with the fiscal twelvemonth is adopted. The budget period is so sub-divided into shorter periods—it may be months or quarters or such periods as coincide with period of trading activity. 5. Standard of activity or end product: For fixing budgets for the hereafter. past statistics can non be wholly relied upon. for the past normally represents a combination of good and bad factors. Therefore. though consequences of the yesteryear should be studied but these should merely be applied when there is a likeliness of similar conditions reiterating in the hereafter. Besides. while puting the marks for the hereafter. it must be remembered that in a progressive concern. the accomplishm ent of a twelvemonth must transcend those of earlier old ages. Therefore what was good in the yesteryear is merely just for the current twelvemonth. In budgeting. repairing the budget of gross revenues and of capital outgo are most of import since these budgets determine the extent of development activity. For budgeting gross revenues. one must see the tendency of economic activity of the state. reactions of salesmen. clients and employees. consequence of monetary value alterations on gross revenues. the proviso for advertizement run program capacity etc. 4 Meaning of Budgetary Control: The Chartered Institute of Management Accountants of England and Wales has defined the footings ‘budgetary control’ as â€Å"Budgetary control is the constitution of budgets associating to theduties of executives of a policy and the uninterrupted comparing of the existent with the budgeted consequences. either to secure by single action the aim of the policy or to supply a footing for its alteration. † It is the system of direction control and accounting in which all the operations are forecasted and planned in progress to the extent possible and the existent consequences compared with the forecasted and planned 1s. Budgetary Control Involves: 1. Constitution of budgets 2. Continuous comparing of actuals with budgets for accomplishment of marks 3. Revision of budgets after sing changed fortunes 4. Puting the duty for failure to accomplish the budget marks. The outstanding characteristics of Budgetary Control System are as follows: 1. Determining the aims to be achieved. over the budget period. and the policy or policies that might be adopted for the accomplishment of these terminals. 2. Determining the assortment of activities that should be undertaken for the accomplishment of the aims. 3. Pulling up a program or a strategy of operation in regard of each category of activity. in physical every bit good as pecuniary footings for the full budget period and its parts. 5 4. Puting out a system of comparing of existent public presentation by each individual. subdivision or section with the relevant budget and finding of causes for the disagreements. if any. 5. Guaranting that disciplinary action will be taken where the program is non being achieved and. if that be non possible. for the alteration of the program. In brief. it is a system to help direction in the allotment of duty and authorization. to supply it with assistance for doing. gauging and be aftering for the hereafter and to ease the analysis of the fluctuation between estimated and existent public presentation. In order that budgetary control may work efficaciously. it is necessary that the concern should develop proper footing of measuring or criterions with which to measure the efficiency of operations. i. e. . it should hold in operation a system of standard costing. Besides this. the organisation of the concern should be so incorporate that all lines of authorization and duty are laid. allocated and defined. This is indispensable since the system of budgetary control postulates separation of maps and division of duties and therefore requires that the organisation shall be planned in such a modethat everyone. from the Managing Director down to the Shop Foreman. will hold his responsibilities decently defined. Aims of Budgetary Control System: 1. Portraying with preciseness the overall purposes of the concern and finding marks of public presentation for each subdivision or section of the concern. 2. Puting down the duties of each of the executives and other forces so that everyone knows what is expected of him and how he will be judged. Budgetary control is 6 one of the few ways in which an nonsubjective appraisal of executives or section is possible. 3. Supplying a footing for the comparing of existent public presentation with the preset marks and probe of divergence. if any. of existent public presentation and disbursals from the budgeted figures. This of course helps in following disciplinary steps. 4. Guaranting the best usage of all available resources to maximise net income or production. capable to the confining factors. Since budgets can non be decently drawn up without sing all facets normally there is good co-ordination when a system of budgetary control operates. 5. Co-coordinating the assorted activities of the concern. and centralising control and yet enabling direction to deconcentrate duty and delegate authorization in the overall involvement of the concern. 6. Engendering a spirit of careful premeditation. appraisal of what is possible and an effort at it. It leads to dynamism without foolhardiness. Of class. much depends on the aims of the house and the energy of its direction. 7. Supplying a footing for alteration of current and future policies. 8. Pulling up long scope programs with a just step of truth. 9. Supplying a yardstick against which existent consequences can be compared. Working of a budgetary control system: The duty for successfully presenting and implementing a Budgetary Control System rests with the Budget Committee moving through the Budget Officer. The Budget Committee would be composed of all functional caputs and a member from the Board to 7 preside over and steer the deliberations. The chief duties of the Budget Officer are: 1. To help in the readying of the assorted budgets by organizing the work of the histories section which is usually responsible to roll up the budgets—with the relevant functional sectionslike Gross saless. Production. Plant care etc. ; 2. To send on the budget to the persons who are responsible to adhere to them. and to steer them in get the better ofing any practical troubles in its working ; 3. To fix the periodical budget studies for circulation to the persons concerned ; 4. To follow-up action to be taken on the budget studies ; 5. To fix an overall budget working study for treatment at the Budget Committee meetings and to guarantee followup on the lines of action suggested by the Committee ; 6. To fix periodical studies for the Board meeting. Comparing the budgeted Net income and Loss Account and the Balance Sheet with the existent consequences attained. It is necessary that every budge t should be exhaustively discussed with the functional caput before it is finalized. It is the responsibility of the Budget Officer to see that the periodical budget studies are supplied to the receivers at frequent intervals every bit far as possible. The efficiency of the Budget Officer. and through him of the Budget Committee. will be judged more by the smooth working of the system and the understanding between the existent figures and the budgeted figures. Budgets are chiefly an inducement and a challenge for better public presentation ; it is up to the 8 Budget Officer to see that attending of the different functional caputs is drawn to it to confront the challenge in a successful mode. Advantages of Budgetary Control System: 1. The usage of budgetary control system enables the direction of a concern concern to carry on its concern activities in the efficient mode. 2. It is a powerful instrument used by concern houses for the control of their outgo. It in fact provides a yardstick for mensurating and measuring the public presentation of persons and their sections. 3. It reveals the divergences to direction. from the budgeted figures after doing a comparing with existent figures. 4. Effective use of assorted resources like—men. stuff. machinery and money is made possible. as the production is planned after taking them into history. 5. It helps in the reappraisal of current tendencies and framing of future policies. 6. It creates suited conditions for the execution of standard bing system in a concern organisation. 7. It inculcates the feeling of costconsciousness among workers. 8. It helps the principal of direction by exclusion to use. 9. Management which has developed a good ordered budget programs and which operate consequently. have greater favor from recognition bureaus. 9 Restrictions of Budgetary Control System: 1. Based on Estimates: Budgets may or may non be true. as they are based on estimations. 2. Time factor: Budgets can non be executed automatically. Accuracy in budgeting comes through experience. Management must non anticipate excessively much during the development period. 3. Cooperation Required: Staff co-operation is normally non available during budgetary control exercising. The success of the budgetary control depends upon willing co-operation and teamwork. 4. Expensive: Its execution is rather expensive. No budgetary programme can be successful unless equal agreements are made for supervising and disposal. 5. Not a replacement for direction: Budget is merely a managerial tool. It can non replace direction. 6. Rigid papers: Budgets are considered as stiff papers. But in world. firm’s personal businesss continuously change under inflationary force per unit area and altering authorities policies. 10 ZERO BASE BUDGETS The technique of zero base budgeting suggests that an administration should non merely do determinations about the proposed new programmes. but should besides reexamine the rightness of the bing programmes from clip to clip. Such a reappraisal should peculiarly be done of such duty Centres where there is comparatively high proportion of discretional costs. Costss of this type depend on the discretion or policies of the duty Centre or top directors. These costs have no direct relation to volume of activity. Hence. direction discretion typically determines the sum budgeted. Some illustrations are: outgo on research and development. forces disposal. legal consultative services. Zero base budgeting. as the term suggests. examines or reviews a programme or map or duty from ‘scratch’ . The referee returns on thepremise that nil is to be allowed. The director suggesting the activity has. hence. to warrant that the activity is indispensable and the assorted sum s asked for are sensible taking into history the end products or consequences or volume of activity envisaged. No activity or disbursal is allowed merely because it was being allowed or done in the past. Therefore harmonizing to this technique each programme. whether new or bing. must be justified in its entireness each clip a new budget is formulated. It involves: 1. Covering with peculiarly all elements of mangers’ budget requests 2. Critical scrutiny of on-going activities along with the freshly proposed activities 3. Supplying each trough a scope of pick in puting precedences in regard of different activities and in allocating resources. 11 Procedure of Zero Base Budgeting: The undermentioned stairss are involved in Zero base budgeting: Determining the aims of budgeting: The aim may be ‘to consequence cost decrease in staff operating expenses or it may be to drop. after careful analysis. undertakings which do non suit into accomplishment of the organisations objectives etc. Deciding on range of application: The extent to which zero base budgeting is to be introduced has to be decided. i. e. whether it will be introduced in all countries of the organisation’s activities or merely in a few selected countries on test footing. Developing determination units Decision units for which cost-benefit analysis is proposed hold to be developed so as to get at determinations whether they should be allowed to go on or to be dropped. Each determination unit. every bit far as possible should be independent of other units so that it can be dropped if the cost analysis proves to be unfavorable for it. Developing determinatio n bundles: A determination bundle for each unit should be developed. While developing a determination bundle. replies to the undermentioned inquiries would be desirable: †¢ Is it necessary to execute a peculiar activity at all? If the reply is in the negative. there is no demand to continue farther. †¢ How much has been the existent cost of the activity and what has been the existent benefit both in tangible every bit good as intangible signifiers? †¢ What should be the estimated cost of the degree of activity and the estimated benefit from 12 such activity? †¢ Should the activity be performed in the manner in which it is being performed. and what should be the cost? †¢ If the undertaking or activity is dropped. can the unit be replaced by an outside bureau? After finishing determination bundles for each unit. the units are ranked harmonizing to the findings of cost benefit analysis. Essential undertakings are identified and given the highest ranks. The last phase is that of implementing the determination taken in the visible radiation of the survey made. It involves the choice and credence of those undertakings which have a positive cost-benefit analysis or which are capable of run intoing the aims of the organisation. The above analysis shows that zero base budgeting is in a manner an extension of the method of cost benefit analysis to the country of the corporate budgeting. Advantages of Zero Base Budgeting: †¢ It provides the organisation with systematic manner to measure different operations and program mes undertaken. It enables direction to apportion resources harmonizing to precedence of the programmes. †¢ It ensures that each and every programme undertaken by directors is truly indispensable for the organisation. and is being performed in the best possible manner. †¢ It enables the direction to O.K. departmental budgets on the footing of cost-benefit analysis. No arbitrary cuts or increase in budget estimations are made. †¢ It links budgets with the corporate aims. Nothing will be allowed merely because it was being done in the yesteryear. An activity may be shelved if it does non assist in accomplishing the ends of the endeavors. 13 †¢ It helps in placing countries of uneconomical outgo and. if desired. it can besides be used for proposing alternate classs of action. †¢ It facilitates the debut and execution of the system of `management by objectives’ . Thus it can be used non merely for fulfilment of the aims of traditional budgeting. but besides for a assortment of other intents. It is contended that zero base budgeting is clip devouring. Of class. it is true. but it happens merely in the initial phases when determination units have to be identified and determination bundles have to be developed or completed. Once this is done. and the methodological analysis is clear. zero base budgeting is likely to take less clip than the traditional budgeting. In any instance. till such clip the organisation is decently acclimatized to the technique of zero base budgeting. it may be done in a manner that allduty centre’s are covered at least one time in three or four old ages. Zero base budgeting as a construct has become rather popular these yearss. The technique was foremost used by the U. S. Department of Agriculture in 1962. Texas Instruments. a transnational company. pioneered its usage in the private sector. Today. a figure of major companies such as Zerox. BASF. International Harvester and Easter Airlines in the United State are utilizing the system. Some sections of the Government of India have late introduced zero base budgeting with a position to doing the system of budgetary control more effectual. 14 PERFORMANCE BUDGETS Performance budgeting ( or programme budgeting ) has been designed to rectify the defects of traditional budgeting by stressing management’s considerations/ attacks. Both the fiscal and physical facets are incorporated into the budget. A public presentation budget presents the operations of an administration in footings of maps. programmes. activities. and undertakings. In public presentation budgeting. precise detention of occupation to be performed or services to be rendered is done. Second. the budget is prepared in footings of functional classs and their sub-division into programmes. activities. and undertakings. Third. the budget becomes a comprehensive papers. Since the fiscal and physical consequences are interwoven. it facilitates direction control. The Main aims of Performance Budgeting are: ( I ) to organize the physical and fiscal facets ; ( two ) to better the budget preparation. reappraisal and decision-making at all degrees of direction ( thre e ) to ease better grasp and reappraisal by commanding governments ( legislative assembly. Board of Trustees or Governors. etc ) as the presentation is more purposeful and apprehensible ; ( four ) to do more effectual public presentation audit possible ; and ( V ) to mensurate progress towards long-run aims which are envisaged in a development program. Performance budgeting involves rating of the public presentation of the administration in the context of both specific. every bit good as. overall aims of the administration. It presupposes a crystal clear perceptual experience of organizational aims in general. and short-run concern aims as stipulated in the budget. in peculiar by each employee of theadministration. irrespective of his degree. It therefore. provides a definite way to each employee and besides a control mechanism to higher direction. 15 Performance budgeting requires readying of periodic public presentation studies. Such studies compare budget and existent informations. and demo discrepancies. Their readying is greatly facilitated if the authorization and duty for the incurrence of each cost component is clearly defined within the firm’s organizational construction. In add-on. the accounting system should be sufficiently detailed and coordinated to supply necessary informations for studies designed for the peculiar usage of the persons or cost Centres holding primary duty for specific cost. The duty for fixing the public presentation budget of each section lies on the several Department Head. Each Department Head will be supplied with a transcript of the subdivision of the maestro budget appropriate to his domain. For illustration. the main purchaser will be supplied with the transcript of the stuffs purchase budget so that he may set up for purchase of necessary stuffs. Periodic studies from assorted subdivi sions of a section will be received by the departmental caput that will subject a drumhead study about his section to the budget commission. The study may be daily. hebdomadal or monthly. depending upon the size of concern and the budget period. These studies will be in the signifier of comparing of budgeted and existent figures. both periodic and cumulative. The intent of fixing these studies is to quickly inform about the divergences in existent and budgeted activity to the individual who has the necessary authorization and duty to take necessary action to rectify the divergences from the budget. 16 FUNCTIONAL BUDGET A functional budget is one which is related to map of the concern as for illustration. production budget relating to the fabrication map. Functional budgets are prepared for each map and they are subordinate to the maestro budget of the concern. The assorted types of functional budgets to be prepared will change harmonizing to the size and nature of the concern. The assorted normally used functional budgets are: †¢ †¢ †¢ †¢ †¢Ã¢â‚¬ ¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ †¢ Gross saless budget Production budget Plant use budget Direct-material usage budget Direct-material purchase budget Direct-labour ( forces ) budget Factory overhead budget Production cost budget Ending-inventory budget Cost-of-goods-sold budget Selling and distribution cost budget Administration disbursals budget Research and development cost budget ( xiv ) Capital outgo budget Cash budget 17 Illustration: Gross saless Budget: Gross saless forecast is the beginning of budgeting and hence gross revenues budget assumes primary importance. The measure which can be sold may be the chief budget factor in many concern projects. In any instance in order to chalk out a realistic budget programme. there must be an accurate gross revenues prognosis. The gross revenues budget indicates for each merchandise: 1. The measure of estimated gross revenues and 2. The expected unit merchandising monetary value. These informations are frequently reported by parts or by gross revenues representatives. In gauging the measure of gross revenues for each merchandise. past gross revenues volumes are frequently used as a starting point. These sums are revised for factors that are expected to impact future gross revenues. such as the factors listed below. 1. Backlog of unfilled gross revenues orders 2. Planned advertisement and publicity 3. Expected industry and general economic conditions 4. Productive capacity 5. Projected pricing 6. Findingss of market research surveies 7. Relative merchandise profitableness. 8. Competition. 18 Once an estimation of the gross revenues volume is obtained. the expected gross revenues gross can be determined by multiplying the volume by the expected unit gross revenues monetary value. the gross revenues budget represents the entire gross revenues in physical measures and values for a future budget period. Gross saless directors are invariably faced with job like expectancy of client demands. new merchandise demands. rival schemes and assorted alterations in distribution methods or promotional techniques. The intents ofgross revenues budget is non to try to gauge or think what the existent gross revenues will be. but instead to develop a program with clearly defined aims towards which the operational attempt is directed in order to achieve or transcend the nonsubjective. Hence. gross revenues budget is non simply a gross revenues prognosis. A budget is a planning and control papers which shows what the direction intends to carry through. Thus. the gross revenues budget is active instead than passive. A gross revenues prognosis. nevertheless. is a projection or estimation of the available client demand. A prognosis reflects the environmental or competitory state of affairs confronting the company whereas the gross revenues budget shows how the direction intends to respond to this enviro nmental and competitory state of affairs. A good budget flexible joints on aggressive direction control instead than on inactive credence of what the market appears to offer. If the company fails to do this differentiation. the budget will stay more a figure-work exercising than a on the job tool of dynamic direction control. 19 The gross revenues budget may be prepared under the undermentioned categorization or combination of categorizations: 1. Merchandises or groups of merchandises. 2. Areas. towns. salesmen and agents. 3. Types of clients as for illustration: ( I ) Government. ( two ) Export. ( three ) Home gross revenues. ( four ) Retail terminals. 4. Period—months. hebdomads. etc Example of Gross saless Budget: XYZ Ltd. Gross saless Budget for the Year Ended 31 March XXXX Particulars Units Selling Price ( P. U ) Total Gross saless Value ( Rs. ) Product A Merchandise B Total 5000 10000 75 80 375000 800000 1175000 20 Lead TO THE PREPARATION OF THE MASTER BUDGET When all the necessary functional budgets have been prepared. the budget officer will fix the maestro budget which may dwell of budgeted net income and loss history and budgeted balance sheet. These are in fact the budget sum-ups. When the maestro budget is approved by the board of managers. it represents a criterion for the accomplishment of which all the sections will work. On the footing of the assorted budgets ( agendas ) prepared earlier in this survey. weprepare below budgeted income statement and budgeted balance sheet. Illustration: Floatglass Manufacturing Company requires you to show the Master budget for the 31 March 2012 from the undermentioned information: Gross saless: Toughened Glass Bent Glass Direct Material Cost Direct Wages Factory Overheads: Indirect Labour Works Manager Foreman Rs. 500 per month Rs. 400 per month 2. 5 % on Gross saless Rs. 600000 Rs. 200000 60 % of Gross saless 20 workers @ Rs. 150 per month 21 Shops and Spares Depreciation on Machinery Repairs and Maintenance Other Sundries Administration. merchandising and Distribution Expenses Rs. 12600 Rs. 3000 Rs. 8000 10 % on Direct Wages Rs. 36000 per twelvemonth Solution: Master Budget for the Year Ending 31 March 2012 Particulars Amount ( Rs. ) Gross saless: Toughened Glass Bent Glass Total Gross saless Less: Cost of Production: Direct Material Direct Wages Prime Cost ( A ) Fixed Factory Overhead: 480000 36000 516000 600000 200000 800000 Amount ( Rs. ) 22 Works Manager’s Salary Foreman’s Salary Depreciation Light and Power Total Fixed Factory Overhead ( B ) Variable Factory Overhead: Shops and Spares Repairs and Maintenance Sundry Expenses Total Variable Factory Overhead ( C ) Works Cost ( A+B+C ) Gross Profit ( Sales- Works Cost ) Less: Administration. Selling and Distribution Expenses Net Net income 6000 4800 12600 3000 26400 20000 8000 3600 31600 574000 226000 36000 190000 23 Capital EXPENDITURE BUDGET: The capital outgo budget represents theplanned spending on fixed assets like land. edifice. works and machinery. etc. during the budget period. This budget is capable to rigorous direction control because it entails big sum of outgo. The budget is prepared to cover a long period of old ages and it undertakings the capital costs over the period in which the outgo is to be incurred and the expected net incomes. The readying of this budget is based on the undermentioned considerations: 1. Operating expense on production installations of certain sections as indicated by the works use budget. 2. Future development programs to increase end product by enlargement of works installations. 3. Replacement petitions from the concerned sections 4. Factors like gross revenues possible to absorb the increased end product. possibility of monetary value decreases. increased costs of advertisement and gross revenues publicity to absorb increased end product. etc. Merits/Adv antages: 1. It outlines the capital development programme and estimated capital outgo during the budget period. 2. It enables the company to set up a system of precedences. When there is a deficit of financess. capital rationing becomes necessary. 3. It serves as a tool for commanding outgo. 4. It provides the sum of outgo to be incorporated in the hereafter budget 24 sum-ups for computation of estimated return on capital employed. 5. This enables the hard currency budget to be completed. With other hard currency committednesss capital outgo committedness should besides be considered for the completion of the budget. 6. It facilitates cost decrease programme. peculiarly when modernisation and redevelopment is covered by this budget. 25 FIXED AND FLEXIBLE BUDGETS Fixed Budget: Harmonizing to Chartered Institute of Management Accountants of England. â€Å"a fixed budget is a budget designed to stay unchanged irrespective of the degree of activity really attained† . A fixed budget shows the expected consequences of a duty centre for merely one activity degree. Once the budget has been determined. it is non changed. even if the activity alterations. Fixed budgeting is used by many servicecompanies and for some administrative maps of fabrication companies. such as buying. technology. and accounting. Fixed Budget is used as an effectual tool of cost control. In instance. the degree of activity attained is different from the degree of activity for budgeting intents. the fixed budget becomes uneffective. Such a budget is rather suited for fixed disbursals. It is besides known as a inactive budget. Essential conditions: 1. When the nature of concern is non seasonal. 2. There is no impact of external factors on the co ncern activities 3. The demand of the merchandise is certain and stable. 4. Supply orders are issued on a regular basis. 5. The market of the merchandise should be domestic instead than foreign. 6. There is no demand of particular labor or stuff in the production of the merchandises. 7. Supply of production inputs is regular. 8. There is a tendency of monetary value stableness. Generally. all above conditions are non found in pattern. Hence fixed budget is non of import 26 in concern concerns. Merits/advantages: 1. Very simple to understand 2. Less clip devouring Demerits/Disadvantages: 1. It is misdirecting. A hapless public presentation may stay undetected and a good public presentation may travel unfulfilled. 2. It is non suited for long period. 3. It is besides found unsuitable peculiarly when the concern conditions are altering invariably. 4. Accurate estimations are non possible. Flexible Budget Harmonizing to Chartered Institute of Management Accountants of England. †a flexible budget is defined as a budget which. by acknowledging the difference between fixed. semi-variable and variable costs is designed to alter in relation to the degree of activity attained. † Unlike inactive ( fixed ) budgets. flexible budgets show the expected consequences of a duty centre for several activity degrees. You can believe of a flexible budget as a series of inactive budgets for different degrees of activity. Such budgets are particularly utile in gau ging and commanding mill costs and operating disbursals. It is more realistic and operable because it gives due consideration 27 to be behavior at different degrees of activity. While fixing a flexible budget the disbursals are classified into three classs viz. 1. Fixed. 2. Variable. and 3. Semi-variable. Semi-variable disbursals are farther segregated into fixed and variable disbursals. Flexible budgeting may beresorted to under following state of affairss: 1. In the instance of new concern venture due to its typical nature it may be hard to calculate the demand of a merchandise accurately. 2. Where the concern is dependent upon the clemency of nature e. g. . a individual covering in wool trade may hold adequate market if temperature goes below the freeze point. 3. In the instance of labour intensive industry where the production of the concern is dependent upon the handiness of labor. Merits/ Advantages: 1. With the aid of flexible budget. the gross revenues. costs and net income may be calculated easy by the concern at assorted degrees of production capacity. 2. In flexible budget. accommodation is really s imple harmonizing to alteration in concern conditions. 3. It besides helps in finding of production degree as it shows budgeted costs with categorization at assorted degrees of activity along with gross revenues. Hence the direction can easy choose the degree of production which shows the net income predetermined by the proprietors of the concern. 4. It besides shows the measure of merchandise to be produced to gain determined net income. 28 Demerits/Disadvantages: 1. The preparation of flexible budget is possible merely when there is proper accounting system maintained. perfect cognition about the factors of production and assorted concern fortunes is available. 2. Flexible Budget besides requires the system of standard costing in concern. 3. It is really expensive and labour oriented. Need for flexible budget: 1. Seasonal fluctuations in gross revenues and/or production. for illustration in soft drinks industry ; 2. A company which keeps on presenting new merchandises or makes alterations in the design of its merchandises often ; 3. Industries engaged in make-to-order concern like ship edifice ; 4. An industry which is influenced by alterations in manner ; and 5. General alterations in gross revenues. 29 Illustration: A mill which expects to run 7. 000 hours. i. e. . at 70 % degree of activity. furnishes inside informations of disbursals as under: Particulars Variable Expenses Amount ( Rs. ) 1260 Semi- Variable Expenses 1200 Fixed Expenses 1800 The semi-variable disbursals go up by 10 % between 85 % and 95 % activity and by 20 % above 95 % activity. Construct a flexible budget for 80. 90 and 100 per cent activities. Solution: Particulars Budgeted Hours Variable Expenses Semi-Variable Expenses Fixed Expenses Total Expenses Recovery Rate Per Hour 70 % 7000 1260 1200 1800 4260 0. 61 80 % 8000 1440 1200 1800 4440 0. 55 90 % 9000 1620 1320 1800 4740 0. 53 100 % 10000 1800 1440 1800 5040 0. 50 30 Difference between Fixed and Flexible Budget: Fixed Budget Flexible Budget It does non alter with existent volume of It can be recasted on the footing of activity activity achieved. Thus it is known as stiff degree to be achieved. Thus it is non stiff. or inflexible budget. It operates on one degree of activity and under It consists of assorted budgets for one set of conditions. It assumes that there different degrees of activity. will be no alteration in the prevalent conditions. which is unrealistic. Here as all costs like – fixed. variable and Here analysis of discrepancy provides utile semi-variable are related to merely one degree information as each cost is analyzed of activity so variance analysis does give utile information. If the budgeted and existent activity degrees differ Flexible budgeting at different degrees of significantly. so the facets like cost activity facilitates the ascertainment of ascertainment and monetary value arrested development do non give a cost. arrested development of selling monetary value and tendering right image . of citations. a meaningful footing of non harmonizing to its behavior. Comparison of existent public presentation with It provides budgeted marks will be meaningless comparing of the existent public presentation with specially when there is a difference the budgeted marks. between the two activity degrees. 31 BIBLIOGRAPHY 1 ICAI Module on Cost Accounting 2 Newsletters and sentiments published by ICAI 3 hypertext transfer protocol: //en. wikipedia. org/wiki/Budget 4 World Wide Web. icai. org

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Worst and BestBooks-to-Film Ahhh  the holidays! For lots of us, a few days off means lazing in bed and catching up on some reading and movie-watching. You may be tempted to do a bit of both by renting or buying a film based on a book. Some are wonderful, some arewell stinkers. Here are five films you should avoid at all costs and five in which to indulge. WORST: Beowulf (2007) stars the lovely Angelina Jolie, but falls flat. Many critics agree with Fernando F. Croce of CinePassion who calls the fim, The Old English poem ponderously, gracelessly expanded into an epic bore. Do yourself a favor and read the epic in its original form. Vanity Fair (2004) A happy ending for Vanity Fair? We all understand there is artistic license in translating a book to film, but really?   Read the original at here! The Scarlet Letter (1995) stars Demi  Moore as an improbable Hester Prynne, who wears revealing clothing and speaks in feminisms  quite out of context and character for 1666. Not even the great Robert Duvall can rescue this one. Read the etext  at here. The Hitchhikers Guide to the Galaxy (2005). There may not be another film in recent memory that let fans of the book down more so  than this adaptation of Douglas Adamss classic work of science fiction.   If you type in Reviews of Hitchhikers into Google, you will find dozens of reviews that echo the sentiment of this one:   (Hitchhikers) is bad.   Really bad. Vastly, staggeringly, jaw-droppingly  badbad on a big scale because enormous swathes of the story have been dispensed withmost of the Guide entries, whole scenesor changed beyond all recognition. And it is bad on a small scale because many, many wonderful lines have been cut or in some cases actually rewritten to make them less funny. Even Cowgirls Get the Blues (1993) also raised hopes for readers, as Tom Robbins quirky, funny works have been favorites for decades.  Many people were also hopeful because the film was directed by Gus Van Sant, who made a name for himself in such films as My Own Private Idaho and Drugstore Cowboy. But this film is a mess from start to finish. Robbinss sense of absurdity and humor simply doesnt translate. BEST: Pride and Prejudice (1995) is a marvelously faithful adaptation of Jane Austens classic work and is perfectly cast. This BBC production is a mini-series, so you can spend many happy hours immersed in the world of Elizabeth and Darcy. A Clockwork Orange (1971) captures the creepiness of Anthony Burgesss disturbing novel about government control of society. Directed by the legendary Stanley Kubrick and stars Malcolm McDowell. The Chronicles of Narnia: The Lion, the Witch, and the Wardrobe (2005). Beautifully rendered and true to the imagination of C.S. Lewiss classic work of childrens literature, this film does not disappoint even its most ardent fans. The Lord of the Rings: The Fellowship of the Ring (2001). First published in 1954, J.R.R. Tolkiens novel of  the travails of Middle Earth was a best-seller from the beginning. Peter Jacksons superb movie brought an entire new generation of fans to the trilogy. To Kill a Mockingbird (1962) is a faithful and touching interpretation that captures all the pain and love of Harper Lees novel. Gregory Peck stars as Atticus Finch. Both the movie and the novel have stood the test of time.

Drama Analysis on Hamlet Essay Example | Topics and Well Written Essays - 1250 words

Drama Analysis on Hamlet - Essay Example And even when love is present, it is suppressed and treated as a stumbling block in one’s quest for control such as the case of Hamlet who denied himself the love of Ophelia. The characters’ obsession of who would be in control was so intense that the old Hamlet, the former King of Denmark was killed by his own brother Claudius just to assume his position as King and to take over his court. Familial relationship or any form of kinship was secondary to the consideration of who would take control and this could be nonchalantly disregarded when it impedes the objective of getting the crown. Old Hamlet was slain by his own blood brother, and to aggravate, his death was covered by lies that he even enjoin the kingdom to mourn with him. And to make things worse, Claudius, old Hamlet’s murderous brother Claudius married his wife Gertrude who was technically Claudius sister-in-law before Claudius murdered his brother Hamlet. This is to gain control of the king’s f amily in addition to seizing control of the King’s court by being crowned as King (Churnin). Apparently, the contest of who would be in control extends beyond the grave. The old King Hamlet will not be put away just like that even if he was murdered. This act of reappearing even as a ghost is beyond the quest of justice but rather a refusal to relinquish power and control (Lewis 611) by planting hatred in the heart of Prince Hamlet by letting him know that old Hamlet died of crime which is evident in these lines; Doom'd for a certain term to walk the night, And for the day confined to fast in fires, Till the foul crimes done in my days of nature ... dent in these lines; Doom'd for a certain term to walk the night,     Ã‚  Ã‚  Ã‚   And for the day confined to fast in fires,     Ã‚  Ã‚  Ã‚   Till the foul crimes done in my days of nature That instead of asking the young Hamlet to bring Claudius his uncle to justice, the ghost Hamlet instead asked for revenge quoting; Revenge his foul and most unnatural murder Claudius on the other hand put a show of having crocodile tears on the death of his brother Hamlet so that people will not prosecute him as a murderer but will instead become sympathetic to him by his show of grief which he in turn can use to gain control over the court. Claudius elaborate show of grief even enjoins the whole kingdom to mourn as if it was not him who murdered the old Hamlet by saying; Though yet of Hamlet our dear brother's death   The memory be green, and that it us befitted     Ã‚  To bear our hearts in grief and our whole kingdom     Ã‚  To be contracted in one brow of woe,     Ã‚  Ye t so far hath discretion fought with nature     Ã‚  That we with wisest sorrow think on him,     Ã‚  Together with remembrance of ourselves. This cunning device to deceive the public was Claudius effort to gain control on the throne (Roe 376). But the old king will not just easily give up control on the throne as he showed himself to the young Hamlet to tell him that he was murdered. More than justice, it was control that the old king was after as he does not want his murderer to assume control of the kingdom. This revelation has a profound effect towards the young Hamlet as he is now preoccupied with hatred to avenge his father that he could no longer think of anything else except revenge. He could have been happy by diverting his attention to other things that could make him happy such as being with the woman he love such as

Work and leading people Essay Example | Topics and Well Written Essays - 3500 words

Work and leading people - Essay Example Mark Williams (refer to the appendix). As can be observed from the CVs of the two referred personnel, both can be identified to possess considerable experience in their respective fields. While many of their features can be identified as similar, there are particular dissimilarities in their degree of versatility that must be taken into consideration when evaluating CVs for the intended position. For instance, Mr. Thomas Crown can be observed to have handled more staff members than Mr. Mark Williams. On the other hand, Mr. Crown had switched three jobs within his 2 years of professional career, with his first job assigning him for only three months. Contradictorily, Mr. Williams has been engaged into one organisation for his 5 years of professional career. This indicates that chances of attrition shall be higher in the case of Mr. Crown while on the other hand, Mr. Williams might offer the privilege and advantages of greater experiences and loyalty. As a precautionary measure, it wil l also be important to have a verification done for the information presented by the two candidates prior to taking any firm conclusion regarding their ultimate recruitment in the organisation. This will help to omit any possible chance of conflict or dilemma post their recruitment, making the trustworthiness and mutual cooperation of the recruited personnel more binding for the long-run. Besides evaluating the CVs, it will also be important to conduct face-to-face interviews with the personnel, individually, so as to learn about their personality features in a better way, before drawing any conclusion to the professionalisms of the candidates. Leadership styles are of different types that include democratic leader, autocratic leader and laissez-faire leader. From the provided scenario, it has been identified that Mr. Worthy is a type of leader who does not have a relationship with his employees though his office is in the top floor of the building, which is

Patients and Clients in Home Care Essay Example for Free

Patients and Clients in Home Care Essay It is said that â€Å"there’s no better place than home†. This is the comfort that home care provides its patients. It permits the assistance of people that have special needs in the comfort of their homes and with the companionship of their families. Medical services and health assistance can now be obtained without going away from the confines of your home. It is now possible that health service providers will be the ones to go to the patient’s home so that the patient will not have to be confined in a hospital or a nursing institution. Home care is an alternative method to sustain the growing demand for medical health services. Due to the observed surge in the number of people with special needs, unconventional venues for taking care of this people aside from hospitals, rehabilitation centers, and nursing homes were considered. The establishment of home care services answers the demand of different venues for health services. Home care is the offering of medical services by formal providers such as doctors, registered nurses, and physical therapist or by informal providers such as caregivers in the patient’s homes. It aims to promote, reinstate, and sustain the comfort, function, and health of a patient to its maximum limit. Taking care of patients during the last days of their life is also part of the objective. Classifications of home health care includes: preventive, promotive, therapeutic, long-term maintenance, rehabilitative and palliative care(DOH). People that need home care are geriatric individuals, chronically ill patients, persons with disabilities, and patients that are recovering from surgeries. Seventy percent of the clients that availed home health care services are geriatric people of age 65 and above. Disease diagnoses that are most rampant in these home care patients are: Heart disease, diabetes, cerebral vascular disease, chronic obstructive pulmonary disease (COPD), malignant neoplasm, fractures, congestive heart failure, osteoarthritis and allied disorders, and hypertension(NCHS). Care from registered nurses, physical therapists, and social workers; access to medical equipments; check up by doctors; help with running errands; medication delivery; and meal preparation are some of the services that are offered by home health care providers. Types of home care vary with different kind of providers. Skilled care type is offered by licensed medical practitioners like doctors, registered nurses, medical social workers and physical therapist. This type of home care service focuses on the reinstating and maintaining the health of a client. It includes disease diagnoses, disease treatments, wound care, injection and intravenous therapy, medical assessments, nutritional management, and counseling. The other type of service is the home support services that are offered by caregivers or health care aides which are more inclined to domestic tasks like personal hygiene or bathing assistance; running errands; grocery shopping; cooking and eating assistance; light house keeping; and medication reminders(MFMER ). Clients of home care services expect the providers of these services to meet their specific needs. The most common client specifications are good quality care; availability of service; health service provider with appropriate training and expertise; high quality, effective care; and affordable service. Home care providers are expected by clients to give them respect, inflict no harm to them, and treat them well(Nina Preto). They also expect to have their rights as a patient considered, respected and instituted. The law currently implements the home care patients right to: choose their care providers; be informed fully by the health service agency provider of his/her rights and responsibilities as a patient; obtain the needed professional care following the doctor’s orders; receive continuous care; be asked consent prior to any treatment regimen or procedure; advised for any plan changes prior the change; avail service that is safe and in accordance to the professional care needed; be informed of actions in the event of emergency; and to voice opinions regarding the treatment or procedure(Hospice). Different individual conditions require varied specific needs so the provider should be competent enough to be able to address these circumstances. The geriatric or elderly persons for example have various conditions that have complex needs. Usually diseases of the old individuals are multi-factorial; the change of their condition is unpredictable; and outcome of treatment or management is random. So it is best if the home care providers of the elderly with diseases to be registered nurses or doctors for prompt treatment and disease management. Though in other instances home care is employed by geriatric patients that are healthy but in need of assistance in performing their daily tasks from as simple as opening doors for them to household chores. Another example of patients with different needs is the patients with cancer. These individuals are more at ease in the confines of their homes and families. They do not want to be separated from there families because usually these patients gain there strengths from them. The emotional and moral support the families give are vital for a cancer patient. Home care allows these patients to have all the support they can get from there families. As cancer is a devastating disease the home care provider should be able to give support to the patient, address his/her medical needs, and educate the family about the situation of the patient. Diabetes patients on the other hand, need home care providers to always encourage them to control the blood glucose levels because complication development can better be prevented with serious control on glycemia. These patients also need home care providers that are inclined in nutrition for diabetes patients to obtain the needed nutrients without sacrificing their blood glucose levels. Along with the boost of home care industry are problems or issues that need to be resolved. Some of these problems that affect both the home care consumer and the provider are the following: worker related injuries; worker abuse and exploitation by the client; competency of the health care provider; abuse of the client; client prejudice toward the caregiver; worker benefits issue; confidentiality issues in the clients home; and clients being at risk of theft and other forms of crimes. Confidentiality issue in client-caregiver relationship is one of the prime problems of home care services. Prone to this problem are the caregivers or health care aides that have little backgrounds or training in professional ethics and usually provide service to their clients twenty-four hours a day, seven days a week. Most of them also stay in the houses of their clients so it is common that they know the things that happen inside the house especially among family members. The dilemma is in situations that either the caregiver spill the information he/she knows or if the information is critical to the well-being of the client and the caregiver will not know whether to keep it confidential or not. An example situation is when a client is being battered by a member of his or her family, what will the caregiver do? Is he/she supposed to tell anyone like the authorities or is he/she will just keep silent and wait that other people will discover the situation? If the caregiver gives the information to authorities it might be an invasion of the client’s privacy. Moral risks, virtues, intimacy, and professional ethics are bound with confidentiality issue in home care. Home care service providers should be made sure to have proper training in professional conduct and ethics to avoid any problems that will interfere with the client and their family relationship. Problems such as this needs attention of legislators for the home care consumers to be secured that the service provider they employ are properly trained and knows his place as a home care worker in a family setting. Client prevention of problems related to the home care service provider begins with choosing a competent agency that ensures the capabilities of their workers. Clients should not just consider the monetary factor involve in employing a home care worker to prevent the hiring of low paid providers and yet incompetent in many aspects of health service provision. Health care organizations have to address these problems and anticipate other issues that will emerge for the improvement of the home care service, benefit of the client, and avoidance of dilemma in the part of the caregiver. Government agencies concerned need to make rigorous effort towards the establishment and implantation of rules that would not just protect the home care consumers but the home care service workers as well. In every development there is always the emergence of problems and this is just what happened in home care. The burst of this industry is high-speed that problems are realized only when it was already encountered. The shift from institutionalized health care to home care brought about problems that touch aspects like professional ethics, unavailability of equipments in the patient’s home, monetary factors, client-worker relationship, and home care provider-patient’s family relationship. Despite of this, home care still provides an alternative venue for the patients or clients to have their needs being taken care of. The problems will just have to be addressed for the improvement of the industry. Home care is a promising revolution of institutionalized care wherein patients of institutionalized care are deprived of their right to spend their lives in the comfort of their home and with the presence of their loved ones. Reference http://www.mayoclinic.com/print/home-care-services/HA00086/METHOD=print

Sir Donald Bradman Essay -- Sports Baseball Bradmand Essays

Sir Donald Bradman Sir Donald Bradman, who died at the age of 92, was the greatest cricketer of the 20th century and the greatest batsman ever lived. He was arguably the most famous athlete in the eyes of most Australians, as sports has played the major role in giving the young nation of Australia global standing, self-belief and a sense of identity. Sir Donald Bradman is an Australian sporting hero. His achievements on the cricket field from 1928 to 1948 are still among the world's best. The tragic boxer of Les Darcy and champion galloper Phar Lap played a part, making up a trinity of Australian sporting legends, but nothing could match the phenomenon of Bradman. His battling statistics are incredible, incomparably ahead of everyone else playing the game. He creases in major cricket for 338 times, but in 117 of those innings returned with a century. He was better than twice the ratios achieved by such greats such as Jack Hobbs, Len Hutton, Denis Compton. His first class average was 95.4, where his nearest rival is 71. Most famously, he went out at the Oval in his last ten innings needing only four to finish with an average of 100, and was bowled second by Eric Hollies, of Warkwickshire, for a duck. It was as though the cricket god had reclaimed the invulnerability they had given him. His final average is 99.94 remains so resonant in cricket history, that the Australian Broadcasting Commission uses it as its post office box number. Donald Bradman had embodied the Australian dream. He was a country boy, born in Cootamundra in rual New South Wales. Donald bradman was the blond, blue-eyed baby of the family, with other three older sisters and a brother. His father was a carpenter and farmer whose earnings was average. None of bradman’s school friends lived there him, so in those solitary moments, he had invented a game that involved throwing a golf ball at the base of the family water tank and whacking it with a cricket stump. The ball fizzes off the tank at high speed at unpredictable angles. Donald left school at fourteen and didn’t started to play cricket seriously until he was eighteen. His headmaster had commented that he was a truthful, honest, industrious and unusually bright. He began work at a real estate agent in Bowral. In 1923-1924, he played no cricket at all and little in the following summer. Most of his free time was given to ten... ...cted and admired through out the world for not only her personal qualities and family values, died in September 1997, after 65 years of loving marriage. This had simplify for Sir Donald Bradman that the 'best partnership of his life' was over. Donald Bradman was knighted in Melbourne at 1949, and went into the role cricketing elder statesman. He's the only Australian ever knighted for services to the game of cricket. He gave up his stockbroking career and became a selector and administer, dealing firmly with the throwing crisis that convulsed the game at the end of 1950s. After being knighted in 1949, Sir Donald Bradman wanted a very private life. The Wisden panel in 2000 voted Sir Donald Bradman as the cricketer of the century, with unanimous hundred percent votes. He'll be long remembered for his sporting skill, gentle manner and good humour. His reputation as a cricketer has never been questioned. The memory of Don Bradman is revered like no other wherever the great game of cricket is played. He is no doubt a legendary sportsman, which will remains enigmatic in our heart forever. Cricket has known great man and fine players, but there has been and can be, only one Bradman.

New Business Development

This assignment cannot be completed without the effort and co-operation from our group members, Mood shaded, Mood Fakir, Rye polonium and Mood Fakery We also sincerely thank our lecturer of .NET 028, Madam Russian for the guidance and encouragement in finishing this assignment and also for teaching us in this course. Last but not least, we would like to express our gratitude to our friends and respondents for the support and willingness to spend some times with us to fill in the questionnaires. Introduction We started our company with the name Fresh & Sweet since 2012.As a new start up for our Fresh & sweet bakery. We have already done identifying on how we are going operate our bakery shop. So, as it starts operating, this company will be manage by five members. Thus, Our main focus is to sell our bakery product with our own recipe. Hence, this has been selected most of the demand from our customers. Fresh & sweet is located at Curia Saba, Jota Kimball. This location is best suitabl e for our business because there is not much competitors. Over the recent years, the profitability of our business is growing faster and has a lot of response from the public.The business is working from the capital loan from RIB bank with the amount RAM 100, 000. Purpose Pu repose Firstly, this company was established with the purpose of attracting the customers to taste our own recipe of bakery products of cakes, muffins and breads. Second, is to fulfill the demands Of our customers Of their satisfaction. Thirdly, it is to give our customer the serve;ice they need such an occasion like birthday party or weeding ceremony and so on. Besides that, our company is also set up to boost the country's economic growth and compete in the international.