Assignment 1: Budget Planning and Control Use the Internet and / or Strayer databases to research budget planning and control. Imagine that the company that you currently work for, have previously worked for, or would like to work for in the future has tasked you with preparing a budget plan. Write a three to four (3-4) page paper in which you: Describe the company that you currently work for, have previously worked for, or would like to work for in the future. Determine at least two (2) compelling reasons that this company should prepare and manage a budget. Predict the two (2) most likely positive and negative financial outcomes for this company if it properly or improperly performs effective budgeting. Outline a high-level budget plan for the company.
In your high-level budget plan, recommend the most appropriate budgeting phases for the company. Propose two (2) methods and techniques that the company should use to manage its budget over time in preparation for the fact that budgets are ever changing. Justify your response. Imagine that the company is facing a financial challenge that is causing the actual amounts of money that it spends to become significantly off target from its budgeted amounts. Prepare an action plan to resolve the budget misalignment. In your action plan, recommend at least one (1) budgeting technique to resolve the budget and actual discrepancies. Provide a rationale for your response. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements: Be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length. The specific course learning outcomes associated with this assignment are: Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-ﬁnancial performance measurements. Evaluate decision-making tools for capital investments, budgeting, and budgeting controls. Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making. Use technology and information resources to research issues in financial accounting for managers. Write clearly and concisely about financial accounting using proper writing mechanics.