Answer to Question #54492 in Finance for manh le quan

Question #54492
1. The CEO is trying to manage the level of motor vehicle costs which are putting pressure on the business. you have completed next year's master budget including motor vehicle expenses. What management controls would you suggest in your notes accompanying the master budget for approval?

2. The CEO has asked for your input into establishing budget timelines. briefly explain how you can use the concept of a budget calendar in describing reporting timelines to reply to the CEO?
Expert's answer
1. The master budget of a company is a comprehensive expression of management's operating and financial plans for a future time period (usually a year) that is summarized in a set of budgeted financial statements. Some organizations use the term "pro forma statements" for budgeted statements. Some firms refer to budgeting as targeting. Many companies prepare budgeted income statement, balance sheet and statement of cash flow as the summarized budget statements.

2. Budget calendar is a schedule of activities that must be completed in order to create and develop a budget. Budget planning calendars are necessary for the creation of complex budgets used by large organizations. These organizations must usually harvest a great deal of data from several departments, thus requiring a calendar to coordinate when the final numbers from each department are submitted.

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