Answered Essay: How does an individual department’s annual operating budget differ from that of the whole entity? How do

How does an individual department’s annual operating budget differ from that of the whole entity? How does the purpose and process of creating an operating budget differ from that of a capital budget?

Expert Answer

 

Individual Departments annual operating bugdet of an organisation consistes of independent functional budgets based on physical quantities , costs, profits and financial budgets such as

department specific budgets

1.sales budget (Department specific)

2. production budget

3.Plant utilization budget

4. Direct material usage and purchase budget

5.Direct labour requirement and recruitment budget

6. overhead cost budgets

Where as the capital budget consists of Master budget which combines all the above mentioned functional budgets to give raise to a capital budget such as

1.Cost summary budgets

2.Reasearch and development bugets

3.capital expenditure budget

4.cash budget

5. budgeted income statement

6.budgeted balance sheet

major differences are department budgets are micro in level and are functional and specific budgets where as capital bugets are more of macro level of representing the financial position sustainability and accounting of estimates with combination of individual department operating budgets to a master budget plan.

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