Economics Finance & Budgeting Discussion Responses

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1 – Great points and on communication being a key factor. What are some budget controls that
can be set in place to meet actual estimates?
Reply below to each with 50-100 words each.
2 – reply :
Ngoc My Chau
11:06amJan 14 at 11:06am
Manage Discussion Entry
Hello Professor and Everyone,
What is the relationship between at the balance sheet and a personal financial
statement?
When creating a financial statement, the balance sheet, income statement, and cash
flow statement are the three most important financial statements. The budget assists
leaders in gaining the most complete and comprehensive view of the state’s resources
the whole business. At the end of the accounting period, the balance sheet predicts a
company’s assets, debts, and Shareholder equity. Leaders and managers can
immediately detect the terms that contain warning indications as a result of this
weight. (2021)
Discuss the advantages and disadvantages of budgeting
Profit and expense projects can be included in the income statement. Before making an
investment choice, investors and lenders analyze this report on a regular basis to assess
the financial health of a company. As a result, any information that can be published in
this report must be accurate and conform to accounting rules. (Contributor, 2019)
What factors contribute to a successful budget?
The cash transfer report examines the company’s cash flow. Account exchange rates are
usually divided into three categories: operational, financial, and investment
operations. The purpose is to categorize all money transfers and keep enough cash on
hand to support the business’s activities. (Amjaroen, 2014)
Reference
Financial statements vs. Balance Sheets: What’s the difference? Indeed Career Guide.
(2021, March 16). Retrieved January 14, 2022, from https://www.indeed.com/careeradvice/career-development/financial-statements-vs-balance-sheet (Links to an external
site.)
Contributor, L. (2019, September 13). What are the advantages and disadvantages of
budgeting? Ladders. Retrieved January 14, 2022, from
https://www.theladders.com/career-advice/what-are-the-advantages-anddisadvantages-of-budgeting
Amjaroen, K. (2014, August 17). 5 essentials of successful budgeting. The Motley Fool.
Retrieved January 14, 2022, from https://www.fool.com/investing/general/2014/08/17/5essential-of-proper-budgeting.aspx
Reply
3 – Shanell Davis
WednesdayJan 12 at 2:24pm
Manage Discussion Entry
A personal financial statement is the document people use to keep track of there
financial well-being. The primary tools that people use are balance sheets and cash-flow
statements. Both of these methods are personal financial statements that help people
keep track of their finances. A balance sheet which is also known as a net-worth
statements keeps track of a persons liabilities and assets. The difference between the
assets and liabilities equates to a persons net-worth. Balance sheets include both short
term and long term liabilities. Examples of short-term liabilities include but are not
limited to: credit card payments, rent payments, car insurance payments, and phone bill
payments. Examples of long-term liabilities include: home loans and car loans. The
assets that are include in a balance sheet include tangible assets, monetary assets, and
investment assets.
There are both advantages and disadvantages to budgeting. Budgeting is when you
plan what you will spend and save for a period of time. The most important advantage
of budgeting, in my opinion, is having control over your finances, Budgeting allows you
to keep track of your financial well-being and allows you to prepare for any financial
emergencies that may occur. Another advantage to budgeting is it forces you to make
your financial goals. With budgeting you have a clear image of what your expenditures
are, what your income is, what is a want, and what are necessities. However, I downside
to budgeting is it forces you to give up some of these “wants” that don’t fit into or take
away from the financial goals you have set. Budgeting takes a lot of sacrifice in a
nutshell.
Factors of a successful budget include: incorporate your short-term, intermediate, and
long-term financial goals. Successful budgets clearly outline your income, expenditures
including discretionary expenses. Also budgets are revised and changed bases on ones
changing needs and goals.
Reply
4 – Alexa Burquez
WednesdayJan 12 at 1:06pm
Manage Discussion Entry
Hello Professor and Classmates,
A balance sheet is a print where liabilities and assets are subtracted to view your
financial status in the present or your net worth. A personal financial statement tells
your financial status in a specific period of time and so it is related to the balance sheet
because basically, a balance sheet is the second type of financial statement. Budgeting is
very important for business because this tool helps you track your expenses and the
money you receive. The advantages of budgeting can increase your savings and help
you see where you are spending on unnecessary products or services. However
unfinished budgeting can be a disadvantage. Not being able to find budgeting is a
disadvantage. It is also very stressful when you set yourself a certain budget and it gets
very tight. Budgeting can help with emergency payments because sometimes we don’t
expect financial tragedies but they happen. Some factors that contribute to a successful
budget can be planning your cash flows, revolving saving funds, tracking irregular
expenses, and, recording the purpose of the expenditure. Consistency of your cash flow
can help you invest and save to achieve results. One that really helps me is myself
questions like “do I need it or want it?”
Work cited
MindTap – Cengage Learning. (n.d.). Retrieved January 12, 2022,
from https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=59853123651
76521249626289721&eISBN=9780357438862&id=1376325262&snapshotId=2740794&
(Links to an external site.)
Morah, C. (2021, September 21). Evaluating your personal financial statement.
Investopedia. Retrieved January 12, 2022,
from https://www.investopedia.com/articles/pf/08/evaluate-personal-financialstatement.asp#:~:text=A%20balance%20sheet%20is%20the,worth%20(assets%20minus
%20liabilities) (Links to an external site.).
Advantages and disadvantages of budgeting (+free PDF). Outandbeyond. (2021, October
19). Retrieved January 12, 2022, from https://outandbeyond.com/advantages-anddisadvantages-of-budgeting/ (Links to an external site.)

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advantages and disadvantages of budgeting

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