![]() ![]() This “bottom-to-top” approach is called 1. Invite each level of management to participate. Depends on how budget developed and administered. Participative Budgeting May inspire higher levels of performance or discourage additional effort. Wait until the last minute to turn it in so there can be no review. ![]() Cut essential services-Mayor Koch.Ĭlaim someone above the reviewer wants a line item. Hold department heads accountable.Ħ Games People Play Golden watch. Make sure the account names are the same. Make reports provided during user friendly. Provide important assumptions on inflation, volume growth and so on.ĥ What I learned from my first budget experience Have the budget forms build on one another. Consequently, this presentation will only highlight the concepts of the book, focusing on problems.Ĥ What I learned from my first budget experience Also, most of the material is self explanatory. Timeliness (no real time financial information)ģ Concepts from the Book Unlike some chapters, most students are familiar with the theme of this chapter. Forward-looking Information Soft Assets (a company’s know-how, market dominance, marketing setup, well-trained employees, and brand image). ![]() On the topic, “Challenges Facing Financial Accounting,” what did the AICPA Special Committee on Financial Reporting suggest should be included in future financial statements? Non-financial Measurements (customer satisfaction indexes, backlog information, and reject rates on goods purchases). Control device - important basis for performance evaluation once adopted. Primary way to communicate agreed-upon objectives to all parts of the company. A formal written statement of management’s plans for a specified future time period, expressed in financial terms. ![]()
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