The act of preparing a budget is called Budgeting. Budget of any organisation will tell you about it’s growth and expansion plans.Ī budget is a formal expression of the management’s plans for the future and how these plans are to be accomplished. At home, we often make yearly, monthly, weekly or even daily budgets that would influence our expenses and savings. What is Budgetary Control: Definitions, Features, Objectives, Types, Preliminaries, Functions, Differences, Advantages, Limitations, MCQ and More… Introduction to Budget and Budgetary Controlīudgets are one of the most important aspects of any system – be it domestic life, a corporate house or a nation. Differences between Standard Costing and Budgetary Control.Difference between Traditional Budgeting and Zero Base Budgeting.Difference between Flexible Budget and Fixed Budget.Distinction between Flexible Budgeting and Zero Budgeting.Performance Report, Analysis of Budget Variations and Budget Follow-up.Preliminaries to be Taken into Account for Effective Cost Control.Elements and Characteristics of a Budget.Introduction to Budget and Budgetary Control.Budgeting lays down as to what is to be attained and how it is to be attained while control ensures that the objectives are realised and actual results do not deviate from the planned course more than necessary.ĬIMA has defined budgetary control as “the establishment of budgets relating to the responsibilities of executives to the requirement of a policy, and the continuous comparison of actual with budgeted results either to secure by individual action the objective of that policy or to provide a basis for its revision”. Budgetary control is a system whereby the budgets are used as a means of planning and controlling costs.
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