Answer the questions in the spaces provided.
- Name 3 processes that could be used by a manager to monitor actual expenditure and control costs
- To ensure the budget objectives are met, when should monitoring and control activities occur?
- What is a fixed cost, and how does it differentiate from a variable cost? Provide an example to illustrate your response. State why this is useful for a manager to understand in controlling costs.
- Confirm the role that electronic spreadsheets play in managing an organisation’s budgets and financial plans. Your response should be 50-100 words.
- Explain how the data for the actual results would have been collected and collated. As an example, choose one expense in particular and provide details. Your response should be 50-150 words.
