Question 1 a. As a budget officer, explain what responsibility…

Question Answered step-by-step Question 1 a. As a budget officer, explain what responsibility… Question 1a. As a budget officer, explain what responsibility accounting means as a form ofbudgetary controlb. What is a procurement plan and how is it significant to the development of anorganization?c. Using a company of your choice, discuss in detail eight (8) benefits that a goodprocurement planning process can bring to an organization.ad. Neogem Industries has adopted the following production budget for the first 4months of 2016.Month Production Figures(2016) (Units)January 10,000February 8,000March 5,000April 4,000Each unit requires 5kilos of raw materials costing GHC 2.00 per kilo. On December31, 2015 the ending raw materials inventory was 15,000 kilos. It is the policy ofManagement to keep a raw materials inventory at the end of each month equal to30% of next month’s production requirements.Requirement:Prepare direct material purchases budget month by month for the first quarter (i.e.first 3 months) of 2016. Show workings.Question 2a. In a four-point argument, compare and contrast “control” and “controls” as appliedin budget implementationb. Many practitioners confuse the terms feedback and feed forward as a means ofbudget control. Using an organisation of your choice, discuss the impact of the twoterminologies in budgetary control on the success of the organisation Question 3a. For planning purposes, budgets are set in advance and evaluation should beanticipated under a set of circumstances or environment. In your own opinion,explain why a budget should serve a conflicting role to the success of anorganisation.b. Compare and contrast static and flexible budget and show their impact in decisionprocessQuestion 4a. In the initial procurement planning preparation, the stores department provide veryvital role in the success of the master budget. As a student in Budgeting discussany four (4) of the roles play by Heads of Departments, Units, Projects orProgrammes in the procurement planning process as prescribed in the guidelinesof Act 663.b. Distinguish between short-range and long range planning and indicate how eachaffect the planning process.Question 5Procurement planning has become an integral part in public procurement process toachieve success.(a) Using an organization of your choice, explain the importance of the planningprocess to such an institution to help achieve value for money. (b) Explain the term “rolling budget”  Engineering & Technology Industrial Engineering Supply Chain Management SUPPLY CHA MPSC404 Share QuestionEmailCopy link Comments (0)