ACC3200 Study Guide - Final Guide: Budget, Strategic Planning, Resource Allocation

• School: Monash University
• Department: Business - Accounting
• Course: ACC3200
• Professor: Ahmad Sujan

Document Summary

Planning systems - set the direction of the organisation. Planning includes budgets, schedules and time-lines for implementation as well as selecting performance measures and targets to assess success. Types of plans: strategic planning = long term, usually 3-5 years, budgets. Budget: a quantitative plan that summarises an organisation"s proposed operating activities for a specific future time period: assists in coordinating what needs to be done to implement a plan, may include both financial and non-financial data. Ensure that you"re heading in the right direction to achieve your strategies. Based on expected sales, make revenue and cost. Take corrective action if the sales and cost budgets aren"t estimations. being met. Budgeting pulls together the plans developed by each dep manager. Sales dep talks to production dep about no. of goods needed to be made= production budgets are made. Production dep needs dm = talks to purchasing dep = purchasing budgets are made.