Assignment Problem: Mr. Ali is operating a small business for a year now. He struggles with finances due to his inability to set realistic and measurable targets. He has limited background of accounting and finance. He presented you with the following actual data from the 2019 business operations.
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Sales
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5,000 units @ OMR3.55
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Cost of sales
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OMR 6,000
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Rent
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OMR500
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Utilities
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OMR750
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Salary
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OMR1,000
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Other expenses
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OMR700
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He asked you to prepare for him a suitable budget for the next three years. Prepare a report of 1500 structured as follows:
I. Budgeting and types of budget (300 words)
- Discuss with Mr. Ali the benefits of budget.
- Explain with Mr. Ali the different types of budget that he can use in his business.
II. Preparation of budget (1000 words)
- Using the data given above, prepare the steps to be followed in setting budgets.
- Compare and contrast the following budgets and prepare a sample pro-forma budget based on the given data:
a. Static and Flexible budget
b. Traditional and Zero-based budget
III. Recommendation (200 words)
- Explain with Mr. Ali the importance of budget control
IV. References
At least five (5) references in Harvard referencing style
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