27 Jun COMMENT ON THIS STATEMENT USING A REVIEW OF RECENT LITERATURE
This essays word limit is 700 and excludes the references.
Use Harvard referencing style.
Please write explanation about how the top down budgeting differs from participative budgeting including its advantages & disadvantages and relating to the statement given and deriving your own conclusion with the help of three published papers.
Tanks.
Question:
Fire Wheels is a small courier company in Vermont, Victoria. The company had not had an accounting department until recently. Routine bookkeeping tasks, such as billing, had been handled by a person who had little formal training in accounting. As the company began to grow, however, the owner recognized the need for more formal accounting procedures and Jimmy Steam was hired as the CEO of the company recently.
During his first week on the job, Steam was given the performance report (see appendix 1). The report was prepared by Fred Cook, the companys director of operations, who was planning to present it to the owner the next morning.
Look at these favorable variances for fuel and so forth, Cook pointed out as he showed the report to Stream. My operations people are really doing a great job.
Later that day, Stream looked at the performance report more carefully. He immediately realized that it was improperly prepared and would be misleading to the companys owner.
Required:
“A genuine top-down budgeting process is better than a fake participative budgeting process.” Comment on this statement using a review of recent literature (from 2001 onwards and referring to a minimum of three articles) on budgeting. [Word limit 700]
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