Budgeting for Financial Control Management and Planning Paper

timer Asked: Mar 29th, 2019
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Question Description

Discussion topic should be at least 350 words and should reflect the fact that you have completed the Reading and activities. Use your words wisely so that the posting has substance and includes examples and explanations. Best practice is to include citations and a reference list.

Budgeting for Financial Control, Management, and Planning

  1. Explain the concept of financial control. Describe how the financial control purposes of budgeting deals with the relationship between revenues (inputs) and expenses (activities).
  2. Identify the three major models of the budgetary process. Describe the similarities and the differences within the models.
  3. What are the three principal purposes of budgeting? What are the three major corresponding budgeting systems? Describe the similarities and the differences amongst the three.
  4. In your opinion should small nonprofit organizations hire outside consultants to help them with budgeting issues or should they develop their expertise in house? Use your text or other professional resources to support your answer.

Tutor Answer

School: Rice University


Running head: BUDGETING


Name of the student
Institution Affiliation


Budgeting for Financial Control, Management, and Planning

Financial control is the system of tracing organisation resources through proper
monitoring and measurement. These controls are there as a way to track reporting accuracy to
prevent and eliminate fraud, thereby, protecting the organisation’s resources (CIO Whitepapers
Review, 2018). The financial control purpose of budgeting is used to determine the input
required to get a specific amount of output. For example, if an organisati...

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