BUDGETING AND BUDGETARY CONTROL . Budget A plan quantified in monetary terms and approved prior to a defined period of time‚ usually showing planned income to be generated and for expenditure to be incurred during that period‚ to attain a given objective. The preparation of budgets is not something that can be carried out by accountants alone. It requires the participation of many managers and other personnel to ensure that the plans for the forthcoming period are translated
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QUESTION 1 – Budgeting Process and Budgetary Control I have been asked to advise two entirely different businesses about the benefits and problems associated with what is termed the “traditional approach to budgeting and budgetary control”. One of the businesses operates in a very stable and static market place‚ where there is little change in either products or demand year on year‚ whereas the other business operates in a very dynamic‚ rapidly changing‚ innovative environment. If my findings
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Entrepreneurship & Small Business Management. Introduction Budgeting has come to be accepted as an efficient method of short-term planning and control. It is employed‚ no doubt‚ in large business houses‚ but even the small businesses are using it at least in some informal manner. Through the budgets‚ a business wants to know clearly as to what it proposes to do during an accounting period or a part thereof. The technique of budgeting is an important application of Management Accounting. Probably
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Budgetary control is part of overall organisation control and is concerned primarily with the control of performance. The use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mechanism for the organisation. Discuss. “It’s clearly a budget. It’s got a lot of numbers in it” (George W. Busch 2005). This definition of a budget can be supplemented using the Oxford dictionary‚ which states that a budget is an estimate of
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BUDGETARY CONTROL METHODS a) Budget: Budget is the process of stating quantitavely‚ set aside for carrying out specific activities in a given period of time. It helps to co-ordinate the activities of the organisation. Budgets are prepared for the whole company and for sub units. Tapal Pvt. Limited designs budget for each department in the organization and each department head is required to give their respective budget to the Cost and Budgeting Department. b) Budgetary control:
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BUGETARY CONTROL MEANING AND NEED FOR BUDGET A budget is prepared to have effective utilisation of funds and for the realisation of objectives as efficiently as possible. Budgeting is a powerful tool to the management for performing its functions efficiently. The Chartered Institute of Management Accountants‚ ENGLAND defines budget as under‚ A plan quantified in monetary terms prepared and approved prior to a defined period of time usually
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A PROJECT ON BUDGETARY CONTROL IN THE SUBJECT ADVANCED COST ACCOUNTING SUBMITTED BY NAME: SHREY JAIN ROLL NO.: 24 DIVISION: A UNDER THE GUIDANCE OF PROF. KEDAR BHIDE TO UNIVERSITY OF MUMBAI FOR MASTER OF COMMERCE PROGRAMME (SEMESTER - I) YEAR: 2012-13 SVKM’S NARSEE MONJEE COLLEGE OF COMMERCE &ECONOMICS VILE PARLE (W)‚ MUMBAI – 400056. EVALUATION CERTIFICATE This is to certify that the undersigned have assessed and evaluated the project on “BUDGETARY CONTROL” submitted by SHREY
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Performance Management and Control [pic] Date : 12/12/2011 WORDS : 1617 Contents Page no Introduction 03 Main body 04-09 Budgetary process 04 Zero based budget 05 Memorandum 07 Financial control 09 Conclusion 10 Bibliography 11 Appendix 12 .Introduction
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Essay by Bereketeab Yacob Yohannes Budget and budgetary control has being dealt with in different ways in literature‚ but basically there has being critics on traditional budgetary control as new issues raised with current more unpredictable global internationalized world markets. Virtually conventional budgeting has roughly some categories of criticism‚ one being that budgets by the time they are used their assumption are out-dated especially in rapidly changing environments‚ the second recurrent
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Impact of Budgeting and Budgetary Control on the Performance of Manufacturing Company in Nigeria This study‚ the impact of budgeting and budgetary control on the performance of manufacturing company in Nigeria‚ was conducted using Cadbury Nigeria Plc‚ as case study. Since wants are plenty while resources are limited‚ every organisation tends to find means by which it can get what it wants with the limited resources at its disposal. Therefore‚ firms seek to adopt the concept of budgeting and budgetary
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