Prepare a Budget Proposal for a sport organization of your choice and should also contain the following elements: Step 1: Develop a Budget Calendar Step 2: Planning and Forecasting Step 3: Develop Expense Estimates Step 4: Develop Revenue Estimates Step 5: Estimate Preliminary Surplus/Deficit Step 6: Present, Defend and Seek Approval Step 7: Administering and Evaluating Budget
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Prepare a Budget Proposal for a sport organization of your choice and should also contain the following elements:
Step 1: Develop a Budget Calendar
Step 2: Planning and Forecasting
Step 3: Develop Expense Estimates
Step 4: Develop Revenue Estimates
Step 5: Estimate Preliminary Surplus/Deficit
Step 6: Present, Defend and Seek Approval
Step 7: Administering and Evaluating Budget
Step by step
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- Each of the following statements includes a pair of words within parenthesis. Indicate which of the words should be chosen to make the statement true. The first statement is done as an example. A ( loan application / budget ) is a detailed financial plan that quantifies future expectations and actions relative to acquiring and using resources. Budgets ( should / should not ) be used to provide managers with "preapproval" for execution of spending plans. The (master budget / sales budget ) is a comprehensive document specifying sales targets, production activities, and financing actions. "Responsibility accounting" is a concept under which managers are held accountable for transactions and events ( beyond / under ) their direct influence and control. Some entities will follow a top-down( mandated / participative ) approach to budgeting. A deliberate effort to create "breathing room" within a budget is known as ("padding the budget" / "aerating" ). With ( incremental budgeting /…When justifying a budget request (in narrative form), which of the following should be included in the request? Select all that apply. What you want to do Budget request counterarguments Why you want to do it A list of required resourcesAccording to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in monitory terms showing the income to be the generated, the costs to be incurred and the resources to be utilized for the defined period of time. Required: Explain the following terms connected with a budget (i)The budget committee (ii) The principal budget factor (iii) The master budget
- Which budget is the starting point in preparing financial budgets? the budgeted income statement the budgeted balance sheet the capital expense budget the cash receipts budget1. The first step involved in preparing a master budget is A. Preparing a forecasted Income statement B. Preparing a general operating budget C. Preparing a forecasted statement of financial position D. Preparing detailed period budgetsWhich of the following accounts are most likely to be used in a journal entry to record the budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Revenues b Expenditures C Appropriations d Fund Balance
- Define the following with formulaes if possible: 3. Purchases Budget 4. Cash Payment Budget 5. Summary Cash Budget 6. Short Term Financial Needs 7. Budgeted Income Statement 8. Budgeted Balance SheetWhich of the following statements is the intended goal or outcome of a performance budget? Classify the budget by goals or objectives (e.g., protection of persons and property, safe and speedy transportation) Manipulate financial data to satisfy government and community stakeholders Link performance objectives to requests for funds Focus on measurable activitiesThe last step in the financial planning process is to Group of answer choices use financial statements to evaluate results of plans and budgets, taking corrective action as required implement financial plans and strategies. periodically develop and implement budgets to monitor and control progress toward goals redefine goals and revise plans and strategies as personal circumstances change develop financial plans and strategies to achieve goals
- Select a current issue for which you can find background material. Become familiar with the issue and build a budget request that provides a solution to the issue. If a solution is already publicly available, work through the data so that you can re-create the budget request. Prepare a verbal briefing of no more than 10 minutes that reviews the background of the issue, identifies why it must be addressed, describes what your proposal will do to address the issue, and gives the amount of your budget request.Match the definitions 1 through 8 with the term or phrase a through h. a. Budget e. Master budget b. Top-down budgeting f. Budgetary slack c. Participatory budgeting g. Sales budget d. Cash budget h. Budgeted income statement 1. Shows expected cash inflows and outflows and helps determine financing needs. 2. A plan showing units to be sold; the usual starting point in the master budget process. 3. A report that shows predicted revenues and expenses for a budgeting period. 4. A formal statement of future plans, usually expressed in monetary terms. 5. Approach in which top management passes down a budget without employee input. 6. A budgetary cushion used to meet performance targets. 7. A comprehensive business plan that includes operating, investing, and financing budgets. 8. Employees affected by a budget help in preparing it.Which of the following is part of the budget preparation process EXCEPT? a) Available resources b) Budget scope c) Budget format to be used d) Credit lines available