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MOD003319 Business Finance

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Question:

ABC Ltd manufactures and sells wooden flooring systems. Each year it producesbudgets on an incremental basis. Detailed budgets for sales, materials and labour are always generated and, if appropriate, the departmental managers are allowed to revise their budgets for planning errors. Quite often, several budget revisions are made to the extent that the final budget bears little resemblance to the original numbers. Variance analyses undertaken always seem to produce favourable operational variances but lower overall profits than the original estimates.

The management team is also considering a re-structuring exercise as they feel that there are many people in the company’s operations (especially in support functions at the factory and head office “who don’t seem to do much”).

Putting yourself in the Chief Financial Officer’s position, prepare a report of no more than 3,000 words for the Board of ABC Ltd communicating the following issues:

Part 1

i. An understanding of how ABC benefits from having a budget and how the budget process helps development of the business.
ii. The application of traditional budgeting approaches to a business such as ABC, identifying the key areas of the business which the budget process needs to address 
iii. Analysing whether a traditional budgetary system is appropriate to the business in its planned future form 

Part 2

iv. An understanding of alternative budget systems and what benefits they might offer to ABC 
v. The potential application of these methods to ABC including a discussion of the potential problems they may give rise to 
vi. Analysing whether one of these methods (or a combination) would be more appropriate to ABC 
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My Assignment Help (2021) Business Finance [Online]. Available from: https://myassignmenthelp.com/free-samples/mod003319-business-finance/budgetary-and-management-control-process.html
[Accessed 25 October 2021].

My Assignment Help. 'Business Finance' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/mod003319-business-finance/budgetary-and-management-control-process.html> accessed 25 October 2021.

My Assignment Help. Business Finance [Internet]. My Assignment Help. 2021 [cited 25 October 2021]. Available from: https://myassignmenthelp.com/free-samples/mod003319-business-finance/budgetary-and-management-control-process.html.


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