MANAGEMENT ACCOUNTING
Management Accounting
Introduction
Setting the annual budget has been one of the mandatory activities in organizations at both tactical and operational levels. The annual budget outlines the projected revenues and costs for the firm in the coming year or the finite time period. Such budget is set to clarify the organizational direction to pursue by identifying the target revenues and variable costs associated with the business operations. It served as a successful budgeting process for several years, but today’s highly dynamic and continuously changing business landscape has made this system obsolete. In the 21st century, the annual budgeting ...