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Achieving Financial Stability through Budgetary Controls
Achieving Financial Stability through Budgetary Controls
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Achieving Financial Stability through Budgetary Controls
Financial stability is a key goal for organizations, as it enables them to operate with confidence and respond to challenges in the business environment. Budgetary control is a critical component of financial management that can help organizations achieve financial stability.
Budgetary control starts with the creation of a comprehensive budget, which serves as a plan for the allocation of resources and management of expenses. The budget should be based on a realistic assessment of revenue and expenses, taking into account both short-term and long-term goals. By having a well-constructed budget, organizations can ensure that their resources are being used effectively and that they are on track to meet their financial targets.
One important aspect of budgetary control is the ongoing monitoring of actual performance against the budget. This involves regularly comparing actual revenue and expenses to the budget, and making adjustments as needed to ensure that the organization is on track to meet its financial goals. By identifying areas where actual performance deviates from the budget, organizations can quickly address any potential risks to their financial stability and make changes to their budget as needed.
Another key component of budgetary control is the establishment of effective financial controls. This includes establishing clear policies and procedures for financial management, such as tracking expenses and revenues, reconciling bank statements, and preparing regular financial reports. Effective financial controls can help organizations to prevent financial fraud, minimize errors, and ensure the accuracy of financial information.
Organizations can also achieve financial stability through effective risk management. This involves identifying potential risks to the organization’s financial stability, such as economic downturns, changes in consumer behavior, or fluctuations in the stock market, and taking steps to mitigate those risks. For example, organizations can diversify their revenue streams, invest in risk management technology, or create contingency plans for unexpected events.
In order to be successful with budgetary control and achieve financial stability, organizations must also consider the role of culture and governance. This includes creating a culture of financial transparency and accountability, and establishing clear processes and controls to ensure that budgets are managed effectively and in accordance with organizational goals.
In conclusion, budgetary control is a critical component of financial management that can help organizations achieve financial stability. Through the creation of comprehensive budgets, ongoing monitoring of actual performance, establishment of effective financial controls, and effective risk management, organizations can ensure the efficient use of resources, minimize financial risks, and achieve their financial goals. By also considering the role of culture and governance, organizations can create a strong foundation for sustainable financial stability.
Achieving Financial Stability through Budgetary Controls
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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