Question

Please answer following BOTH questions for THUMBS UP:-

1) Taking the Roman Coliseum as an example, describe how modern cost management accounting could be applied to a current attempt to recreate this structure. Be creative in your discussion. Add images to your answer.

2) How can budgeting be viewed as a choice process? Find a cartoon/comic strip image on the Internet to illustrate your discussion. Explain the relevance of this image to your answer. Find and use at least one academic article relevant to your discussion.

Answer 1

Answer

1.

Modern Cost Management programs can we implement into building up coliseum by implementation of different inventory management system as well as material management systems, overall efficiency of the specific program can be widely increased. Implementation of electronic accounting software as well as proper learnt accountancy in the specific building of Coliseum would have helped it to be more precise and efficient. Which type of approach is also enabled project to be more accurate and with less error and provision of better implementation of different services in the specific region.

Project planning and setting project responsibilities would also have been very beneficial. This type of approach would have provided better identification of the problems as well as improve the overall efficiency as well as productivity of the project management system. Proper approach of creating productive working environment would be beneficial for this is specific project for building coliseum.

Using above specific approaches regarding electronic implementation of accountancy and other aspects would be very beneficial and could be used for improving the overall availability of approach for developing a better project management.

2.

Budgeting process is crucial for any business entity. Without a proper budget, a business can never keep track of how much it has earned and how much it has spent. Budget serves a great guide by which a business can oversee its income stream and can identify potential dangers to it beforehand.

COMPONENTS OF BUDGET

There are many divisions of an organization and therefore budgeting for each of the division is specific to its needs.

Sales Budget

Production Budget

Direct Material Purchases Budget

Labour Overhead, and SG&A Budget

Cash Budget