Even though the school is not for profit making but the “business manager” need to strategize and plan the budget in such a way that it reflects some level of management and support, thus enabling it to be successful. Hence, business managers can learn from this article that having a realistic budget will contribute to its versatility which allows the institution to achieve and maintain its ultimate goal of being self- sufficient. Reference Works Cited Lawrence, Dave. (2004), A board member’s guide to financial statement. Vol.
Provide them with the opportunity to voice any possible concerns and if they need help, provide enough support. You want the subordinates to feel appreciated and valued. If you guarantee they are aware of the task’s requirements, the procedures to accomplish the task, and have the tools at their disposal, they will be able to reach the targets while feeling valued. Another important part of creating a paternalistic leadership framework is your commitment to consistency. You need to be able to follow through with your punishments and rewards in a manner that doesn’t start favouring certain people or groups.
Every department should have a clear understanding of who is responsible for creating the budgets, if this is not the case then appropriate action should be taken immediately. In this scenario, the finance manager has identified a number of issues within the budgetary process which could have a negative impact on the company. The finance manager must communicate effectively with the head of each department, making them aware of what must be included in each plan, tailored to each department. Failing to communicate properly could cause confusion amongst employees. It is also important to make sure the variances are understood, to help improve the budget making it more accurate.
(Retrieved from http://www.allbusiness.com/glossaries/internal-control/4943791-1.html) Internal Controls must assist the accounting information system in reaching its objectives. It must not hinder the organization in any way. The concepts must be woven into the day-to-day responsibilities of managers and their staff and also into the AIS of the organization. BENEFITS OF INTERNAL CONTROL There are numerous benefits of having an effective Internal Control in place in an organization. Apart from making sure that the company does not lose money because of different types of theft or misappropriation of information, Internal Control helps to ensu... ... middle of paper ... ...endent employee.
The study by Wyer (1987) suggests that cognitive and conceptual ethics and fraudulent financial reporting issues must be included in ethics education. Also, other studies show that the lack of ethical issues and dilemmas makes the ethics education too narrow to serve the needs of business students. To sum up, the insufficient class rom time and the lack of appropriate teaching materials are the key issues that limit accounting ethics education. Therefore, the improvement of accounting textbooks is the best way to minimize these two obstacles by including ethics topics, discussions and assignments, and by adding more ethical dilemmas and cases in the textbook. Both the accounting textbook p... ... middle of paper ... ...nd time.
An education is not merely memorization of statistics and dates. It's a deep understanding and recognizing the patterns found in manmade society and in nature. It's learning multiple subjects at once to understand why they work together, not just to recite them back at the end of the week ... ... middle of paper ... ...ake financial statements, but they are not teachers, they are not the ones directly involved with educating a free country. Therefore, they have no place in setting up “elaborate” curriculum full of scantrons and other failed policies. We have already witnessed a change in education in small pockets throughout the world.
The meeting would then shift to a discussion on where the city's budget was when I was appointed City Manager and my vision of the purpose of a budget. Purpose of the Budget Government agencies are often thought of as an operation of collecting taxes, buying resources, using resources and performing tasks. And in its most broadest form, that is a government organization. However, those tasks must be funded and they are funded through a budget. The purpose of a budget is to provide an instrument for determining what services the government will provide and how each service will be funded.
4. The obligation of the government to stand for the entire public as it designs and manages the economy by shaping the economic growth and development. ELEMENT OF TAX The two elements of tax include; I. Tax Base can be referred to as the object that is charged. For instance, the tax base for income tax is the taxable income.
Support from the board of directors and senior management is needed to get the right focus, resources and attention for ERM. They must decide whether to go forward and, once that decision is made, they must provide unwavering support. The ERM initiative should be integrated with existing management processes and linked to significant issues that are clearly on the senior management agenda. Executive managements will have very little appetite for an appendage or overlay. Although it is not the job of the directors to manage the ERM activities, directors do need to demonstrate clear support for the ERM initiative as well as oversee what management has designed and implemented to manage top risk exposures.