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Master Budget Reflection

The purpose of the assignment was to give the student hands-on practice developing a master budget and the component budgets needed to run a business. It helped the student better understand the budgeting process and how the different functional budgets fit together into an overall master budget. The student learned how to prepare the necessary budgets and consolidate them, and they rated the difficulty of the assignment as very low since the chapter provided good instruction. The skills used were relevant to their business major and intended career in helping companies set goals and budgets.

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571 views2 pages

Master Budget Reflection

The purpose of the assignment was to give the student hands-on practice developing a master budget and the component budgets needed to run a business. It helped the student better understand the budgeting process and how the different functional budgets fit together into an overall master budget. The student learned how to prepare the necessary budgets and consolidate them, and they rated the difficulty of the assignment as very low since the chapter provided good instruction. The skills used were relevant to their business major and intended career in helping companies set goals and budgets.

Uploaded by

api-404361400
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Master Budget Reflection Paper

What was the purpose of the assignment as you understand it?

The purpose of this assignment was to increase learning capability and give a
better feel on what to expect when preparing budgets for a company. It provided a
practice that gave me a better understanding of the master budget and each budget
needed for the various business functions.

What did you learn from completing this assignment?

Personally, I have learned how to successfully prepare the master budget as well
as how to identify essential balances for the company from completing this assignment.
I have also learned that in order to develop a master budget, you have to prepare
multiple budgets and condense it all into one functional balance.

What skills were you required to draw on in completing the assignment?

To effectively complete this assignment, I had to have a good understanding of


what was taught in this course prior to this assignment. More specifically, I had to
develop a good grip on the concepts acquired from chapter nine, which explains the
steps on how to achieve a master budget.

How would you rate your Excel skills before and after the project?

I have actually taken a few courses in the past that pertained to excel, so I have
already developed a good grip on my excel skills before taking this course. I did not feel
like the excel skills required for this assignment was anything new to me. I would rate
my excel skills a nine out of ten before this project and a nine out of ten after this
project.

How would you rate the level of difficulty of this assignment?

I would rate the level of difficulty for this assignment a one out of ten (one being
the least difficult). This was a relatively easy assignment as everything you needed to
know for it was covered in the prior chapter. The reference videos provided also guided
me through any questions or difficulty I had on any of the budget steps.

How was this assignment relevant to your major? Your intended career?

After completing this assignment, I could see how understanding and applying
these concepts would be relevant to my major. In order for any business to function
correctly, ground rules such as budgets need to be prepared based on the company to
provide goals for the organization. Trying to assist a company without a set goal for a
particular period would be very difficult. Even though I may not be the one preparing
budgets for a company in the future, I think it is important to have some knowledge in
every operation of a business.
How did this assignment challenge you?

This assignment challenged me to see from the viewpoint of each company's


divisions. The master budget is one of the most important planning tools for an
organization, and it challenged me to prepare it. I was also able to ensure that the
coordination with other divisions was adequately made.

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