Question

In 200 words How will appropriation budgets, flexible budgets, capital budgets and master budgets would apply to a future career in management.

Answer 1

One of the most prominent career in business management is the role of Financial analyst. This role requires the personal to forecast business plans based on various budgets. Some of these budgets are appropriation budgets, flexible budgets, production budget, sales budget, capital budgets, etc.

Budget gives planning a real sense and helps to clarify the goals and policy in operational and realistic terms. Anyone who wants to make a career in management should have proper knowledge of budgeting as budget act as a tool of control for the management. It helps in assigning responsibility for each function of an enterprise and promotes delegation of authority.

So a business manager at various stage will be required to prepare the budget for different functions. These budgets are likely to undergo changes with the changed circumstances and condition. Thus a flexible budget will be required to be prepared. Maintenance of business capital is a vital function in the business which depends on the preparation of future capital budget. A consolidated summary of all the functional budget, i.e., master budget helps in taking important operation decision. Thus experience and knowledge in different types of budgets will help to peruse a good career in management.