1. Corporate governance- it is the system of government rules and regulations, process at which the organisations operate (Platon and Constantinescu, 2014, p.393). The good system of corporate governance maintains the interest of the shareholders, customers, financials, management, and suppliers.
2. Elements of the corporate governance - 4 elements of Good Corporate governance are:
a. Every member has the legitimate right to taking decision.
b. Legal Fair framework of human rights
c. The company should be responsive to every stakeholder.
d. Interest differs with good corporate governance
3. Four principles of Corporate Governance
● Every shareholders and stakeholder should receive the equal treatment.
● The management board should determine the extent of the business and maintain the position of the company (Ayres et al. 2017, p.43).
● The responsibility of the organisation board should be exercised with full authority.
● The involvement of risk, the future acceptance, the new plan and activities of the company should be transparent to the stakeholders.
4. Disadvantages of the perceived budget
● It undertakes only cash transaction and not the subjective transaction.
● The professionals can show slack in budget for minimising revenue.
● The maintenance of budget focuses only on meeting the goal. It is not applicable if circumstances change.
5. Budgetary control
The comparison made between the original income and expenses taken place with the estimated income and expenses (Platon and Constantinescu, 2014, p.393). It assists in making changes in the decision made if required when the preformed ideas are not achieving the goal.
6. Difference between Single and Double entry
Single entry system of bookkeeping is simple in nature but recording is incomplete. Thus, it is hard to find error due to accounting of personal cash accounting.
Double entry accounting system is complex in nature but provide complete recording of the transaction (Ogujiuba and Ehigiamusoe, 2014, p.20). Thus, it is easy to find error, as it accounts for nominal, personal and real ledger.
7. Ledger transaction- Record of transactions related to sales and purchases, owner's equities, assets and liabilities of the company.
8. Regression Analysis- it identifies the relationship between the variable dependent on the independent variable in the restricted circumstances.
9. Explain four type of Financial Ratio analysis
11. Measure of variance and its calculation
It is the mean deviation squared in average; here the deviation is indicated as s to the power 2. Its units are in square form thus it is not similar to originally provided data.
Calculation = Average mean subtr.
12. 5 reason for Favorable market price variance
● Price rise of input
● Discount on the size of order
● Need of the product urgently
● Price variance in the quality of the purchases good
● Cost of transportation and means selection.
Five reasons for adverse material price variance
● Changes in the market price
● Bargaining of the product price with suppliers
● Government policy interference
● Purchasing efficiency
● Buying little quantity at high price
14. Situation of accrued expenses- when the company uses accrual accounting for nonpayment of the debt, which is also known as accrued liabilities (Li, 2017, p.506).
15. Prepaid expenses and its usage- the expense, which is paid on the terms of receiving services in future, is called prepaid expenses (Boukari and Veiga, 2018, p.10). It makes the confirmation of the service in terms of contract.
16. Cost underestimation and its result
Cost underestimation means when the budget exceeds the estimated cost. According to Yan et al. (2018, p.311), the cost underestimation has an impact on the company budget and cannot finance the project.
17. Strategic misrepresentation
It is the plan for preparing the budget in a systematic distortion or mismatched statement of the fact underlined in the data budget.
18. Minimising strategic misrepresentation- the misrepresentation of the fact in the budget strategy could be minimised by eliminating the fault result of the consensus and by adding the contingency for avoiding risk.
19. Purpose -Annual budget is prepared for ascertaining the financial position of the organisation (Goldsmith and Cravez, 2017, p.11). Furthermore, it is remaining surplus at the end of week, month or year.
20. Objective - the capital budgeting forecast aims at plotting the income and expenses budget and planning accordingly for allocating the resources at its maximum point in future.
21. Importance of milestone and KPI’s in Budget forecasting
Milestone is a key factor in managing the critical situation of the company (Valle de Souza et al. 2018, p.129).
KPI helps in planning for future expenses at takes measure in monitoring the business progress for a specific time.
22. Required information for creating financial forecast
● Gathering all income and expenses information of the current year
● Ascertain and apply percentage for exact income growth.
● Accessing a particular expense at one time
● Listing of each income and expenses in excel sheet with income at first.
23. Nine relevant revenue and expenses in budget forecasting
Revenue- Stocks, furniture, and fittings, advertising, staff wages, insurance cost, collection form payment.
Expenses- Freight insurance, Packaging, direct labor, and commission, paid
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