Budget interview

BUDGET QUESTIONS AND ANSWERS      

1.       How does the company forecast for future expenditures?

The Company takes three previous months expenditures and makes a comparison with the previous year for the same time period and then can make an estimate for the next few months.

2.       How does the Company set yearly budgets?

The Company takes year end totals and sets a percentage to be added to the next year if the yearend totals indicate an increase in income.

3.       Who submits budget proposals to the Company Financial Budget Director?

Each department will submit a yearly budget outlining needs for operations backed by previous year totals and proposed increases.

4.       How does the Company allow for over expenditures?

Each department is allowed a 1% carryover of unused funds for unexpected overages.

5.       Are Company budgets protected from financial fraud?

All financial transactions must have original documentation and double eye procedures.  These procedures are outlined in Company policy.

I did not love this assigment.  I felt that it was hard to really learn alot from this assignment due to us not really dealing with budget.  I do see myself in a position in which budget may matter, but overall it was just an assignment.