ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Leaders
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Managers
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Co-workers
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Employees
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Detailed explanation-1: -The chief financial officer, controller or equivalent executive is ultimately responsible for managing the company’s finances, including top-level budgets. The CFO bears much of the responsibility for drafting corporate budgets based on input from the accounting team.
Detailed explanation-2: -Budget managers are responsible for ensuring that the expenses of the accounts managed do not exceed the unit’s allocated budget. Budget managers are responsible for requesting budget changes, submitting transfers, approving transactions, and requesting payments.
Detailed explanation-3: -The financial jargon for this process of monitoring income and expenditure and taking corrective action is budgetary control. The methodology for monitoring activity differs depending on whether the activity is one for which a UFS budget is set.
Detailed explanation-4: -Step 1 – Establish Actual Position. All organisations have some form of an accounting system which records their income and expenditure. Step 2 – Compare Actual with Budget. Step 3 – Calculating Variances. Step 4 – Establish Reasons for Variances. Step 5 – Take Action. 17-Jun-2020