Differentiate between the direct method and the indirect method by discussing each method.
Chapter 8 Notes 10/12/16-10/19/16 Budgetary Planning 1. Functions of Management a. Planning – the process of setting goals and objectives. i. Strategic – long term – general not very quantitative ii. Tactical – short-term – more specific actions; more quantitative b. Directing/leading – implementation of the plan. c. Controlling – backward looking part to see if goals were met. 2. Budget – A formal written statement of management’s plans for a specified future time period, expressed in financial terms. Used as a planning and communication tool for management. 3. Benefits - Requires looking to the future