By Harry I. Wolk, James L. Dodd, John J. Rozycki
Accounting concept basically identifies the weather of accounting conception, then relates these parts to precise areas of difficulty in accounting.
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Additional info for Accounting Theory: Conceptual Issues in a Political and Economic Environment
As with any good planning tool, the operating plan and related budget points up the opportunity for capital expenditures or the need for tightening capital investments. Because sales predictions are the driving force behind budget numbers, you will plan sales forces, marketing objectives, advertising budgets, sales quotas, credit policies, and many other factors as parts of operational budgeting/planning. Finally, manpower planning and allocation can be computed from the production schedule and direct labor rates.
An examination must be made of the conditions under which data were collected and what is and is not contained in the data. • Historical data are relevant to what the firm is trying to predict. qxd 11/28/05 1:37 PM Page 19 Budgeting for Operations CHAPTER 1 conditions, historical data become more difficult to use in projecting the future. • The use of the data encourages performance that improves on the past performance. • The effects of inflation are properly considered. Further practical points in the use of historical data include: • Avoid using historical data more than 12 months old in periods of high inflation or deflation.
4. 5. 6. 7. 8. 44 consistently applied at whatever level of management you have established. Cost reduction programs may be a rich source of capital budgeting projects. Cost reduction programs generally carry with them less risk than any other form of project, because they have obvious cost justifications. Potential payback periods and returns on investments can be calculated readily because the programs are intended to improve the cost efficiency of existing projects. Such programs, if adopted, help make employees feel that they are a part of the decision-making process, because a large part of these proposals usually are generated from line employees.