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Creating Budgets for Different Types of Organizations

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Please address the differences in creating budgets for the following entities: manufacturing, non-manufacturing, serviced-based business, and not-for-profit organizations.

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Solution Summary

Your draft is 292 words and gives you several examples of resources that need to be budgeted for diverse firms.

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All budgets are based on forecasted activity. In the case of profit-seeking firms, the core starting place for the budget is the forecasted sales. In the case of nonprofit firms, this is based on forecasted services provided and, if applicable, forecasted donations or taxes.

For profit firms

Profit-seeking firms sell products to customers at prices higher than costs. To budget and plan for the upcoming year, they forecast how much of each product or service they ...

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Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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