You are a manager in a fictitious company of your choice. Your director has asked you to explain to the department staff the different types of budgets and techniques in order to provide an overall understanding.
For this assignment, you must develop a 2 to 3-page narrative that you will deliver to the department staff and director explaining the different kinds of budgets. Please select or make up your company and its purpose. You will also recommend which type of budget should be used and which budgeting technique would best fit the company. Using an income of 1 Million per year, you must answer the following questions:
- What are the various kinds of budgets? Please explain each.
- Which type of budget is best for your selected company?
- Which type of calendar year will you choose and why?
- Differentiate budgeting operational plans, cost categories, and budgeting guidelines.
- Tabulate the different kinds of budgets and the different budgeting techniques.