financial management Flashcards
It is the planning document used by as organization
that forecast both the relationship between funds
and expenses
budgeting
2 Approaches in Budget
- Centralized
- Decentralized
According to whom that the roles of leaders are spokesperson, budgetary, or resource allocator, figurehead, decision maker and liaison
Henry Mintzberg
fully controlled by the leader
centralized
there is participation of the
lower level
decentralized
TYPES OF BUDGET:
Fix-ceiling Budget
Open-ended Budget
Flexible Budget
Sunset Budget
Zero-based Budget
Contingency Budget
dangerous type because it
has no specific amount declared
Open-ended Budget
start from nothing
Zero-based Budget
self destructing and cessation
budget
Sunset Budget
uppermost spending limits set
by the organization
Fix-ceiling Budget
one can adjust
Flexible Budget –
used during emergency
Contingency Budget
deals with the process of planning for the laboratory as an ongoing business concern accounting for
everyday need
Operational Budget
OPERATIONAL BUDGET PREPARATION
➔ Time Frame
➔ Forecasting stage
➔ Scheduling Stage
➔ Synthesis of Information
– is to provide the manager
with the information to operate the business
COST ACCOUNTING
is another name
given to this branch of accounting because its
emphasis on analyzing and providing operational
information
MANAGERIAL ACCOUNTING
The important determinant in forecasting the staffing
needs for the budget year is the projected volume
of work
Job Costing
The Marketing Management Philosophy
Production Concept
Selling concept
Marketing Concept
Social marketing Concept
The number of labor hours needed can be projected
in ratios that calculate the tests performed per paid
hours and/or worked hours
Job Costing