FD SC 3060 Chapter Notes - Chapter 10-13: Budget Control Act Of 2011, Foodservice, Tableware
5 Feb 2018
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Document Summary
Plan for operating a business expressed in financial terms. Budgeting is the process of budget planning, preparation, control, reporting, utilization, and related procedures. Involves the use of budgets and performance reports through the planned period to coordinate, evaluate, and control operations. Estimate of revenues expected during the budget period. Review past budgets, past performance, and any unusual aspects clarified. Improvements, expansions, and replacements in building, equipment, and land . Long-term budget so expenditures prorated over several budget periods. Prepare operating budget operating expenses (food, supplies, labor) Department head prepares estimates of revenues/expenses for upcoming fiscal year and develop budget proposal. Submit budget proposal to immediate supervisors for approval. Cfo evaluates combined proposed budget and prepares the final budget for the organization. Ceo examines final operating budget may approve or request revisions. Board of directors reviews and approves the final operating budget. Step 3: analyze financial feasibility of the department objectives.
