Accounting Question

Please read the assignment instructions carefully.

Assignment 1
Please read the assignment instructions carefully.
Assignment Instructions:
Write an 800-word essay that addresses the questions below. The assignment must have at least 2 external
references in APA style with in-text citations. Make sure to include a conclusion. Do not copy paste.
Assignment 1
In the class textbook Essential Guides, Budgeting and Forecasting by Nigel Wyatt (2012), Read Chapters
1 & 2 and answer the questions below:
Question 1.
Describe the role of budgeting in business.
Question 2.
Describe the following budget potential roles:
-Meeting an organization’s objectives
-Planning
-Monitoring and controlling.
Question 3.
Describe the following budget potential roles:
-Co-ordinating
-Evaluating performance
-Improving performance.
Question 4.
How do forecasts differ from budgets?
Question 5.
Calculate a Naïve forecast for February, March, and April.
Month
Jan
Feb
Mar
April (forecast)
Sales
1,000
2,000
3,000
Naïve forecast
Calculate a moving average forecast for April.
Month
Jan
Feb
Mar
April (forecast)
Sales
1,000
2,000
3,000
Moving Average forecast
Calculate a weighted moving average forecast for April.
Month
Sales
Weight
Jan
Feb
Mar
April (forecast)
1,000
2,000
3,000
20%
20%
60%
Moving Average
forecast
Describe the three methods, and mention which one would you be more inclined in using for your
business.