Forecasting and Budgeting, accounting homework help

Forecasting and Budgeting, accounting homework help

Assignment 1: Discussion—Forecasting and Budgeting

Although non-accounting managers use budgets based on past performance and projections of costs and revenues for short-term planning, relying on such information is not enough. Managers also need to predict many of their companies’ future financial conditions and the activities that accompany them. To do this, managers need to answer questions such as the following:

  • How many employees do you need?
  • Do you need new equipment?
  • What level of supplies and inventory should you maintain?
  • What is your targeted revenue?

In this assignment, you will analyze various forecasting techniques used for budgeting and recommend specific ones for Compnet. You will also analyze various aspects of budgeting.

Tasks:

Using the Internet, select and review resources on budget forecasting, seasonal adjustments in budgeting, and cash forecasts.

Respond to the following questions:

  • Which forecasting techniques are available for budgeting purposes? Would you consider using more than one technique? Why or why not? What techniques would you recommend for forecasting Compnet’s budget? Why?
  • How do you get accurate and timely information from different departments so that you can accurately forecast the budget?
  • When is it appropriate to adjust the budget once it has been set? Support your response using examples. What specific adjustments were relevant to Compnet during the past three years? Why?
  • Other than financial data, what economic and external variables will you incorporate in making decisions while creating the budget? Why?
  • If the budget is to be considered a control, what should be done to make management accountable for budget variances?

Submission Details:

By Saturday, October 1, 2016, post your response to the appropriate Discussion Area. Through Monday, October 3, 2016, review and comment on at least two peers’ responses.

Write your initial response in 300–500 words. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation

Do the following when responding to your peers:

  • Read your peers’ answers.
  • Provide substantive comments by
    • contributing new, relevant information from course readings, Web sites, or other sources;
    • building on the remarks or questions of others; or
    • sharing practical examples of key concepts from your professional or personal experiences
  • Respond to feedback on your posting and provide feedback to other students on their ideas.
  • Make sure your writing
    • is clear, concise, and organized;
    • demonstrates ethical scholarship in accurate representation and attribution of sources; and
    • displays accurate spelling, grammar, and punctuation.

Grading Criteria

Assignment Components

Max Points

Initial response was:

  • Insightful, original, accurate, and timely.
  • Substantive and demonstrated advanced understanding of concepts.
  • Compiled/synthesized theories and concepts drawn from a variety of sources to support statements and conclusions.

16

Discussion Response and Participation:

  • Responded to a minimum of two peers in a timely manner.
  • Offered points of view supported by research.
  • Asked challenging questions that promoted discussion.
  • Drew relationships between one or more points in the discussion.

16

Writing:

  • Wrote in a clear, concise, formal, and organized manner.
  • Responses were error free.
  • Information from sources, where applicable, was paraphrased appropriately and accurately cited.

8

Total:

40