Write a memo to your coworker to help them understand the budgeting process. Provide examples and explain how managers use this information to manage and make decisions.

Write a memo to your coworker to help them understand the budgeting process. Provide examples and explain how managers use this information to manage and make decisions.

FYI

This week you will learn the differences between financial and managerial accounting.One of many management functions is the annual budget.The budget forces management to be forward thinking and it is a way for everyone to communicate about the finances of the business.Budgets always begin with the sales budget.

Budgeting helps management to determine how much products should cost so the business can meet its goals.Budgets are typically reviewed monthly for accuracy and possible adjustments.

Summarize and discuss nature and scope of accounting including measuring and reporting financial information fully and fairly.This includes a detailed discussion of accruals, accounting principles/regulations, and ethics.

Analyze and present a comparison of concepts and techniques of financing and investing activities including the time value of money.

Evaluate the financial statements of a corporation, including computation of key ratios.