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How to Improve Your Budgeting Assignment

Budgeting assignment

Accounting students are often given budgeting assignments during the course of their studies. A budget is a company’s plan for outgoing expenses and incoming revenues for a specific time period and is used to monitor and control spending so that available funds are used according to plan, and spending does not exceed available funds. Budgets can also be used to justify the use of funds and help make accurate spending predictions for the future by describing how funds will be used.

There are two major types of budgeting used in a company:

  1. Capital budgets: Capital budgets forecast spending for acquiring capital assets. These are usually for longer lasting and expensive purchases that will be entered onto the company’s balance sheet as assets. On the company’s income statement, capital assets contribute to depreciation expense or depreciation report throughout their depreciable lives.
  2. Operating budgets: An operating budget typically covers operating expenses for normal operations. Operating budgets are usually developed through a process different from that used for capital budgets. Planned spending on operating expenses is usually not changed during the period the budget covers period except in some emergency situations that may call for a reduction in the budget.

Capital budgets and operating budgets are developed independently of each other and require different approaches.

How to do your budgeting assignment

The approach you take to completing a budgeting or lease assignment will depend on the type of budgeting assigned. The steps involved in the capital budgeting process are shown here:

  1. Identify the long-term goals of the company
  2. Identify possible investments that will help in meeting the company’s long-term goals. Factory machinery and production equipment, vehicles, large IT systems and buildings are examples of some of the possible capital investments that might be made
  3. Estimate and analyze the cash flows that will be created through these possible investments
  4. Assess the financial feasibility of each of the investment possibilities using different capital budgeting analysis methods. Some of the methods typically used include, net present value (NPV), internal rate of return (IRR), return on investment and payback period.
  5. Select which of the investment projects to implement based on the assessment you made

In the real world once a project has been implemented it can be monitored and analyzed using budget variance analysis. This compares the amounts predicted in the budget to the real amount spent and is a method that is also used for analyzing operating budgets. Writing a budgeting paper for accounting can be a difficult and time consuming process. If you encounter problems our accounting homework help can provide the solution.

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