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Essay / Research Paper Abstract
This 16 page paper answers two questions. The first part considers the implementation and operation of systems of budgeting and budgetary and how they are very time consuming and discussing the extent to which this time is well spent. The second part of the paper discusses the view that it is impossible to satisfy the needs of different users with a single set of published accounts. The bibliography cites 10 sources.
Page Count:
16 pages (~225 words per page)
File: TS14_TEbusers.rtf
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Unformatted sample text from the term paper:
and use of resources is an expense that would be better avoided whereas other will argue that there is the need to budget to control costs and ensure the company
remains profitable. On one side of the argument budgeting is a costly and time consuming exercise on the other it is the tool which could ensure the survival of the
company. To appreciate this dichotomy we need to look at what is meant by budgets and budgeting and how this may be a determent or a value to the
company and assess how well the time taken budgeting is spent. First we need to define what we mean by budget and
budgeting. There are many different interpretations of these terms, but to find an all encompassing term it may be best to use a definition from a management accounting organisation.
The Institute of Cost Management Accountants describe a budget thus; "A financial and or/quantitative statement prepared prior to a defined period of time, of the policy to be pursued
during that period for the purpose of attaining a given objective. It may include income, expenditure and the employment of capital" (Chadwick, 1998).
This means the role of the budget is forecast and/or to control the costs and therefore the profits. It is also important in the short term for cash flow
as there needs to be the ability for a company to be able to pay their suppliers and creditors in the short term (Chadwick, 1998). Therefore, budgets can be seen
as an important mechanism for controlling a company. Therefore, we can see it is a predetermined plan that is used to determine the way a business uses its resources. This
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