CMA Exam Study Notes: Planning & Budgeting Concepts

CMA Exam Study Notes

CMA Exam: The Planning & Budgeting Process There are various types of budgets such as flexible, zero-based, and static. Something “not being in the budget” is a common reason all of us have heard being mentioned at one time or another. A budget is prepared well ahead of the period that it comprises, and it is basically based on historical … Read More

CMA Exam Study Notes: Top 10 Best Practices of Budgeting

CMA Exam Study Notes

Business budgeting is an extremely important financial tool available to any enterprise. Maintaining both short and long-term financial plans enable enterprises to control their cash flow, profitability, cost, etc. Here’s a list of the top 10 best practices of budgeting: Best Practice #1: Short & Long-Term Plans The most efficient financial budget comprises of both short-term month-to-month plan for a … Read More

CMA Exam Study Notes: The Budget Development Process

CMA Exam Study Notes

The budget development process commonly includes the preparation of budget guidelines and directives; a mechanism for synchronizing the budget preparation and review; procedures to expedite budget review, analysis, modification, and adoption; reporting on variances; and use of the variance reports. The whole process can be classified under the following steps: Step #1: Budget Guidelines & Directives This is the first … Read More

CMA Exam Study Notes: Characteristics of Successful Budgeting

CMA Exam Study Notes

What are the most important characteristics of successful budgeting? To be successful, a budget must be Well-Planned, Flexible, Realistic, and Clearly Communicated. The Budget Must Address the Enterprise’s Goals Essentially, a budget must begin with the enterprise’s short and long-term plans and goals. The budget should not just to recreate the enterprise’s previous year’s results with slight changes. It must … Read More

Today, our CMA Family Grew by 51

In a little over a month since CMA Coach launched, our family grew by 51 subscribers! Your continued feedback is making this community awesome! Without you, CMA Coach wouldn’t exist. There are great things coming in 2013, and here are