Budgeting Process – NBC Institute

PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

Question

As the Accountant in charge of the expenditure division, you are to assist the Director of Finance in the ministry to set up a budget committee. You have also been asked to review the recently issued 2020 Budget Call Circular.

Required:

Explain briefly the following:

Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
Budget Call Circular (2 Marks)
The main difference between MTEF and Budget Call Circular (2 Marks)

Answer

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Tags: Budget Call Circular, Budgeting Process, Fiscal Policy, Government Expenditure, MTEF
Level: Level 2

Topic: Government Expenditure, Regulatory and Institutional Framework, The Budgeting Process in the Public Sector
Series: MAY 2021

PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector

Comparison of incremental and zero-based budgeting and explanation of zero-based budget stages.

Question

With continuing pressure to control costs and maintain efficiency, the time has come for all public sector organisations to embrace zero-based budgeting. There is no longer a place for incremental budgeting in any organisation, particularly those in public sector, where zero-based budgeting is far more suitable.

Required:

Explain the terms ‘incremental budgeting’ and ‘zero-based budgeting.’
Identify the five main stages involved in preparing zero-based budgets.

Answer

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Tags: Budgeting Process, Incremental Budgeting, Public Sector Efficiency, Zero-Based Budgeting
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: NOV 2019

MA – April 2022 – L2 – Q4b – Budgetary control

Explain factors to consider when involving staff in the budgeting process.

Question

Most CEOs and their deputies feel reluctant to allow employees of their entities to participate in the budgeting process. They are of the opinion that such “openness” may expose them to pressure from staff on what is due to them.

Required:

Explain THREE (3) factors that will be considered when involving staff in the budgeting process.

Answer

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Tags: Budgeting Factors, Budgeting Process, Staff Participation
Level: Level 2

Topic: Budgetary control
Series: APR 2023

MA – April 2022 – L2 – Q3b – Activity-based costing

Differentiate between Activity-Based Budgeting and Incremental Budgeting, explain ABB processes, and discuss arguments for and against ABB.

Question

Kankum Industries is considering switching from Incremental Budgeting to Activity-Based Budgeting (ABB) because of the argued pricing specificity of the ABB approach. The Chairman of the Finance Sub-Committee of the board, who does not have an accounting background, has contacted you for clarification on some key issues relating to ABB in order to assist in his explanation to the board.

Required:

i) Differentiate between Activity-Based Budgeting and Incremental Budgeting. (3 marks)

ii) Explain the process in ABB. (3 marks)

iii) State TWO (2) arguments in favour and TWO (2) arguments against ABB. (4 marks)

Answer

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Tags: Activity Based Budgeting, Budgeting Process, Incremental Budgeting
Level: Level 2

Topic: Activity-based costing
Series: APR 2023

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

Question

Komba Ltd is a manufacturing company that wants to allocate some funds for short and long-term investments. To support this purpose, Komba Ltd is organizing its annual budget preparation for the coming year. Some senior management of the company are wondering what the budgeting process is about and would be interested in having a better understanding of the annual budgeting process.

Required:
As the cost accountant of Komba Ltd:
a) Explain FIVE (5) steps to be involved in the annual budgeting process. (10 marks)
b) State FIVE (5) conditions for a successful implementation of a budgeting process. (5 marks)
c) Explain TWO (2) short-term investments available to Komba Ltd. (5 marks)

Answer

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Tags: Budget Implementation, Budgeting Process, Short-Term Investments
Level: Level 1

Topic: Budgeting
Series: MAR 2024

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

Question

Question:
You have been approached by the Managing Director of a small company that has recently been set up. The company is hoping to obtain a significant amount of bank finance to support its activities and it has been asked to supply various documentations as part of its funding application. The Managing Director has provided all of the required information except that of the forthcoming year. He has explained to you that he really doesn’t understand why this has been requested and further confesses that he is unsure about how exactly a budget is prepared.

Required:
a) State and explain THREE (3) purposes of budgeting. (6 marks)
b) State the stages in the budgeting process. (6 marks)
c) Differentiate between master budget and functional budget and identify TWO (2) advantages and ONE (1) disadvantage associated with these budgets. (8 marks)

Answer

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Tags: Budgeting Process, Master Budget, Purposes of Budgeting
Level: Level 1

Topic: Budgeting
Series: NOV 2019

PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

Question

Required:

Explain briefly the following:

Medium Term Expenditure Framework (MTEF) including FOUR of its objectives (6 Marks)
Budget Call Circular (2 Marks)
The main difference between MTEF and Budget Call Circular (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Call Circular, Budgeting Process, Fiscal Policy, Government Expenditure, MTEF
Level: Level 2

Topic: Government Expenditure, Regulatory and Institutional Framework, The Budgeting Process in the Public Sector
Series: MAY 2021

PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector

Comparison of incremental and zero-based budgeting and explanation of zero-based budget stages.

Question

Required:

Explain the terms ‘incremental budgeting’ and ‘zero-based budgeting.’
Identify the five main stages involved in preparing zero-based budgets.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting Process, Incremental Budgeting, Public Sector Efficiency, Zero-Based Budgeting
Level: Level 2

Topic: The Budgeting Process in the Public Sector
Series: NOV 2019

MA – April 2022 – L2 – Q4b – Budgetary control

Explain factors to consider when involving staff in the budgeting process.

Question

Required:

Explain THREE (3) factors that will be considered when involving staff in the budgeting process.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting Factors, Budgeting Process, Staff Participation
Level: Level 2

Topic: Budgetary control
Series: APR 2023

MA – April 2022 – L2 – Q3b – Activity-based costing

Differentiate between Activity-Based Budgeting and Incremental Budgeting, explain ABB processes, and discuss arguments for and against ABB.

Question

Required:

i) Differentiate between Activity-Based Budgeting and Incremental Budgeting. (3 marks)

ii) Explain the process in ABB. (3 marks)

iii) State TWO (2) arguments in favour and TWO (2) arguments against ABB. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Activity Based Budgeting, Budgeting Process, Incremental Budgeting
Level: Level 2

Topic: Activity-based costing
Series: APR 2023

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budget Implementation, Budgeting Process, Short-Term Investments
Level: Level 1

Topic: Budgeting
Series: MAR 2024

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Budgeting Process, Master Budget, Purposes of Budgeting
Level: Level 1

Topic: Budgeting
Series: NOV 2019

Question Tag: Budgeting Process

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PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector

Comparison of incremental and zero-based budgeting and explanation of zero-based budget stages.

MA – April 2022 – L2 – Q4b – Budgetary control

Explain factors to consider when involving staff in the budgeting process.

MA – April 2022 – L2 – Q3b – Activity-based costing

Differentiate between Activity-Based Budgeting and Incremental Budgeting, explain ABB processes, and discuss arguments for and against ABB.

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector

Comparison of incremental and zero-based budgeting and explanation of zero-based budget stages.

MA – April 2022 – L2 – Q4b – Budgetary control

Explain factors to consider when involving staff in the budgeting process.

MA – April 2022 – L2 – Q3b – Activity-based costing

Differentiate between Activity-Based Budgeting and Incremental Budgeting, explain ABB processes, and discuss arguments for and against ABB.

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

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PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

You're reporting an error for "PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector"

PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector

Comparison of incremental and zero-based budgeting and explanation of zero-based budget stages.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector"

MA – April 2022 – L2 – Q4b – Budgetary control

Explain factors to consider when involving staff in the budgeting process.

You're reporting an error for "MA – April 2022 – L2 – Q4b – Budgetary control"

MA – April 2022 – L2 – Q3b – Activity-based costing

Differentiate between Activity-Based Budgeting and Incremental Budgeting, explain ABB processes, and discuss arguments for and against ABB.

You're reporting an error for "MA – April 2022 – L2 – Q3b – Activity-based costing"

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

You're reporting an error for "IMAC – MAR 2024 – L1 – Q2 – Budgeting"

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

You're reporting an error for "IMAC – NOV 2019 – L1 – Q2 – Budgeting"

PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector

Explanation of MTEF, Budget Call Circular, and their main differences for public sector budgeting.

You're reporting an error for "PSAF – May 2021 – L2 – Q4a – The Budgeting Process in the Public Sector"

PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector

Comparison of incremental and zero-based budgeting and explanation of zero-based budget stages.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q2a – The Budgeting Process in the Public Sector"

MA – April 2022 – L2 – Q4b – Budgetary control

Explain factors to consider when involving staff in the budgeting process.

You're reporting an error for "MA – April 2022 – L2 – Q4b – Budgetary control"

MA – April 2022 – L2 – Q3b – Activity-based costing

Differentiate between Activity-Based Budgeting and Incremental Budgeting, explain ABB processes, and discuss arguments for and against ABB.

You're reporting an error for "MA – April 2022 – L2 – Q3b – Activity-based costing"

IMAC – MAR 2024 – L1 – Q2 – Budgeting

Explain the steps in the annual budgeting process, conditions for successful budget implementation, and identify short-term investment options available to Komba Ltd.

You're reporting an error for "IMAC – MAR 2024 – L1 – Q2 – Budgeting"

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

You're reporting an error for "IMAC – NOV 2019 – L1 – Q2 – Budgeting"

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