FIN704 GDB 1 Solution and discussion


  • Cyberian's Gold

    Re: FIN704 GDB 1 Solution and discussion

    Total Marks 5
    Starting Date Tuesday, June 02, 2020
    Closing Date Friday, June 05, 2020
    Status Open
    Question Title Types of Budget
    Question Description

    GDB (FIN704)

    Managerial Accounting

    Topic for Discussion: “Types of Budget”

    Learning Objectives:

    To assess the knowledge related to the budget and its different types
    To understand the importance of budgeting process for effective planning and control
    To know the significance of budgeting as per nature of the business and its industry
    To assess the importance of budget in decision making
    

    Scenario:

    Xee & Co. is one of the manufacturing concerns in local electronics market. Recently, it has launched screens for smartphones, car navigators and other consumer electronics. The company belongs to an industry which is notable for its fierce competition, short product life cycle, price pressure from online stores and the need for continuous innovation. Currently, the company is using the incremental annual budgeting technique for planning and controlling which sets the targets for both sales and production departments. The manager accounts of the company recently attended the conference “Budgeting Requirements of High-Tech Industry” and realized that the incremental annual budgeting technique used by Xee & Co. is not suitable for such a dynamic industry in which company works. He urged that the budgeting technique needs to be adjusted quarterly or even monthly for better planning and controlling to form realistic targets with prediction of market changes.

    Required:

    What type of budgeting technique would you recommend to Xee & Co which will support the argument of manager accounts concluded by him after attending the conference?

    Important Instructions:

    Carefully review your GDB before submission as it cannot be replaced once it is submitted.
    Your discussion must be based on logical aspects of the topic requirements with proper justification.
    There is a limit of 200 Words for discussion.
    Use the font style “Times New Roman” and font size “12”.
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