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Budgeting in America
What are three different budget formats? Describe each.
Budgets formats are classified by organization and structure (Budgets, 2009, UNM). In the case of a line item or indicative budget, individual items are listed and grouped together so past and future accounting or budget periods can be compared between departments, with a focus on input costs (Line item budget, 2009, Business Dictionary).
With a performance budget, in contrast, there is a focus on outputs, and the classification method is based on the direct output costs of the operations of the department (Budgets, 2009, UNM). Expenditures are calculated by work load or unit cost of activities, and the budget classifications involve tasks and activities rather than physical items (Budgets, 2009, UNM).
A program budget makes its classifications according to the reasons or rationale of the activity, so that its focus is on goals and purposes. "Expenditure by public goal" is its primary concern, as well as "results, product," and "outcome orientation" (Budgets, 2009, UNM).
Question 3: What is the budget cycle?
The budget cycle is defined by a series of stages, stages that make up the budgetary process. First, there is the preparatory stage. The needs of the upcoming year are forecasted, and the organization's goals are defined. It determined how best to allocate scarce financial resources and priorities are set. Secondly, there is a period of consideration before the approval of the budget. Necessary revisions are made, based upon critiques and input from organizational leaders and special interests. The third stage involves the distribution of funds and execution of the budget. This is followed by the critical fourth stage of auditing and evaluation. Auditing and evaluating what has transpired ensures that departments can learn from their mistakes, and rectify what problems have arisen for the following fiscal year.
Works Cited
Budgets. UNM. Retrieved June 20, 2009 at http://www.unm.edu/~gleasong/a/notes/budget.pdf
Line item budget. (2009). BusinessDictionary.com. Retrieved June 20, 2009, from BusinessDictionary.com website: http://www.businessdictionary.com/definition/line-item-budget.html
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