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Question 1 a. As a budget officer, explain what responsibility accounting means as a form of budgetary control b. What is a procurement plan and
Question 1 a. As a budget officer, explain what responsibility accounting means as a form of budgetary control b. What is a procurement plan and how is it significant to the development of an organization? c. Using a company of your choice, discuss in detail eight (8) benefits that a good procurement planning process can bring to an organization. a d. Neogem Industries has adopted the following production budget for the first 4 months of 2016. Month Production Figures (2016) (Units) January 10,000 February 8,000 March 5,000 April 4,000 Each unit requires 5kilos of raw materials costing GHC 2.00 per kilo. On December 31, 2015 the ending raw materials inventory was 15,000 kilos. It is the policy of Management to keep a raw materials inventory at the end of each month equal to 30% of next month's production requirements. Requirement: Prepare direct material purchases budget month by month for the first quarter (i.e. first 3 months) of 2016. Show workings. Question 2 a. In a four-point argument, compare and contrast "control" and "controls" as applied in budget implementation b. Many practitioners confuse the terms feedback and feed forward as a means of budget control. Using an organisation of your choice, discuss the impact of the two terminologies in budgetary control on the success of the organisation Question 3 a. For planning purposes, budgets are set in advance and evaluation should be anticipated under a set of circumstances or environment. In your own opinion, explain why a budget should serve a conflicting role to the success of an organisation. b. Compare and contrast static and flexible budget and show their impact in decision process Question 4 a. In the initial procurement planning preparation, the stores department provide very vital role in the success of the master budget. As a student in Budgeting discuss any four (4) of the roles play by Heads of Departments, Units, Projects or Programmes in the procurement planning process as prescribed in the guidelines of Act 663.
b. Distinguish between short-range and long range planning and indicate how each affect the planning process. Question 5 Procurement planning has become an integral part in public procurement process to achieve success. (a) Using an organization of your choice, explain the importance of the planning process to such an institution to help achieve value for money.
(b) Explain the term "rolling budget"
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