Reference no: EM133452979

Assignment:

1.) When developing a budget there must be consultation and collaboration. With which people should you discuss income and expenditure priorities?

To answer the question, take into consideration both internal and external sources of information or support.

2.) You are responsible for managing finances within a budget for a medium size hospitality organization. You need to make decisions regarding resourcing for the different areas of the organization. You have determined that two areas in the organization need their resource allocations reduced for the upcoming budget period.

Why might this occur and why is it necessary to consult with and inform the relevant personnel about resource decisions?

To answer the question fully you will need to draw on your own understanding, or, if necessary, conduct some research.

3.) You are expected to work with the managers of cost centres in the organization to help them monitor and manage the budget. To do this you need to promote the importance of budget control.

How will you explain what is involved in controlling the budget and why it is important?

To answer this question you must read, interpret and summarize the text.

4.) How does responsibility accounting help promote budget control?

5.) What transactional records contribute to budgeting processes?

The answer is in the text, but you can conduct your own research to expand on the information provided.

6.) How are resource management plans used?