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FNSACC503 Manage Budgets And Forecasts

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Question:

Explain double entry accounting. Explain the difference between cash accounting and accrual accounting. Explain the role of budgets in helping an organisation reach Its objectives. List five controls that could be used to monitor an organisation's budget, also briefly explain the importance of variance analysis.
 
 List four steps associated with preparing and document budgets and forecasting estimates.Explain why stakeholders should be included in the discussion and negotiations of the budget. List stakeholders that have a stake in the outcome of the budget. 

What are budget performance indicators In addition, explain their role of performance indicators in managing budgets. What are the reasons why Cash Flow Risk may occur How can Cash Flow Risk be reduced Every business needs to develop Budgets periodically, keeping this in mind, discuss what could be the budget objectives.
 
While preparing the budgets for Maan's snack bar, who can be other stakeholders, you will consult with to promote understanding, goodwill and ongoing cooperation. Also briefly list the consulting methods, you may use. 

Complete a detailed written report (minimum half a page) that includes all your ideas to increase cash sales. This report must include evidence that supports and substantiates your future financial improvements. How will you reduce the cash payments Explain your methods In writing and include calculations that support your reductions.How much can you save on the overall labour costs Explain your methods.Explain improvements that can be implemented with regard to the operating expenditure and provide a full written report. Include calculations and methodology that supports your financial outcomes. 
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