Most organizations customize the budgeting process based on their specific needs. The budgeting process is important to planning, controlling and decision-making. Many individuals are involved within the budgeting process and involves coordination among all the departments in a company. What does this mean for us? It means understanding what information is needed to make correct estimates for the budget. Many organizations use excel and other software programs to help prepare budgets, compare budgets to actual amounts, and investigate variances. This information should be used by the organization to make smart decisions in the allocation of resources.
Readings and Videos to help with Budgeting:
Budgets â€“ Susan Crosson
Budgeting: Planning for Success http://principlesofaccounting.com/chapter21/chapte…
http://idcontent.bellevue.edu/content/id/COB/General/Monthly_Budgeting_Service_Company/monthly_budgeting_for_a_service_company_information.html (Monthly Budget For a Service Company Learning Object)
Budgeting: Fill in the Blank http://principlesofaccounting.com/chapter21/blanks21.html
Budgeting: Multiple Choice http://principlesofaccounting.com/chapter21/multiple21.html
This is the question below. Make sure source is cited
1.Describe budgeting; itâ€™s objective, and its impact on human behavior. In your initial response, please use one external source to support your post. Based on your reading, please communicate your own understanding of the requirements.