BSBFIM501 Managing Budgets and Finance Plans Assessment Answers

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Assignment Details:

  • Referencing Styles : Harvard
  • Words: 4500
  • Course Code: BSBFIM501
  • Course Title: Managing Budgets
  • University: Australian Catholic University
  • Country: AU


Assessment Task

  1. What is types of budget and their benefit?
  2. Explain the typical budget cycle?
  3. Discuss the purpose and element of each of the following budgets and interrelationship among them? Cash budget Labour budget Production budget Materials budget Overhead budget
  4. Explain the cycle of bias by lower managers and bias adjustment by upper-level managers that can spiral out of control and result in meaningless budget. How can negation procedures play role here?
  5. Why is there incentive for a manager to inappropriately reduce reported profit when it appears that profits are likely to be above the upper limit of a manager’s bonus range? How can milestone in budget play role in this condition?
  6. Budgets are okay in relatively certain environments. But everything changes to quickly in the electronics industry that budgeting is waste of time” comment on this what step in forecasting estimate can mitigate this issue and how?