A
budget is a plan in monetary term covering a certain period of time in the future by management, which facilitates organizational coordination and implementation of such a plan. There are a number of key topics to cover:
- A budgeting cycle
- Roles of budgets
- Master budget and its sub-budgets
- Types of budgeting (e.g. Kaizen budgeting, activity-based budgeting, zero-based budgeting, a flexible budget, a rolling budget, etc)
- Budgeting and responsibility accounting
Budgeting, as a topic in Management Accounting, has been studied for a long time, see for example, CIMA/ICAEW (2004). The subject of budgeting should be examined in the broader intellectual context of corporate planning/
strategic planning; the subject can also be studied from from various perspectives, e.g. cultural, behavioural, and strategic management perspectives, etc..
References
- Bhimani, A., Horngren,C.T., Datar, S.M. and Foster, G. (2008) Management and Cost Accounting, FT Prentice Hall.
- Brimson, J.A. an Antos, J. (1999) Driving value using activity-based budgeting, Wiley.
- CIMA/ICAEW (2004) Better Budgeting: A report on the Better Budgeting Forum from CIMA and ICAEW, July.
- Hope, J. and Fraser, R. (2003) "Who needs Budgets", Harvard Business Review, February, pp. 108-115.
- http://josephho33.blogspot.com/2011/08/future-analysis-in-strategic-management.html
- On traditional budgeting and beyond: http://www.cfoedge.com/resources/articles/cfo-edge-traditional-budgeting-vs-beyond-budgeting.pdf
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