MGAB03H3 Chapter Notes - Chapter 10: Financial Statement, Financial Institution, Variable Cost

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24 Nov 2011
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A budget is a formalized financial plan for operations of an organization for a specified future period. It helps the organization coordinate the activities needed to carry out the plan. It reflects management"s forecast of the financial effects of an organization"s plans for one or more future time periods. It also provides a mechanism for defining the responsibilities and financial decision-making authority, or decision rights, of individual managers. A budget cycle is a series of steps that organizations follow to develop and use budgets. Managers typically begin the process by revisiting and possibly revising the organizational vision and core competencies reconsider long-term strategies in light of the vision and core competencies the current period"s operating plans are developed . A master budget is a comprehensive plan for an upcoming financial period, usually a year. It reflects an organization"s future operating and financing decisions and are often summarized in a.

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