1A1001 Budget Cycle
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A. Create Master Budget and Sub-budgets
A budget is created that addresses the entity as a whole as well as its subunits.
B. Get manager buy-in
Managers agree to fulfill their part of the budget.
C. Analyze current performance versus expectations
The budget is used to test current performance against expectations.
D. Examine variations
Variations from the plans are examined.
E. Take corrective action.
Corrective actions ar taken when possible.
F. Obtain feedback and revise plan.
Feedback is collectd, and the plan is revisited and revised if needed.
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