Preface on the merit of the assignment i.e. Planning of home budget and its main features..Pls anyone could ... Pls
Answers
Answer:
Budgetary control is a system whereby the budgets are used as a means of planning and controlling costs. 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.
CIMA 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”.
Contents
Introduction to Budget and Budgetary Control
Definitions of Budget
Definitions of Budgetary Control
Features of Budgetary Control
Features of a Budget
Elements and Characteristics of a Budget
Objectives of a Budget
Objectives of Budgetary Control
Techniques of Budgetary Control
Classifications of Budgets
Types of Budget
Preliminaries to be Taken into Account for Effective Cost Control
Essentials of Budgetary Control
Functions of Budgetary Control System
Budget Reports
Responsibility Accounting
Performance Budgeting
Zero Base Budgeting
Performance Report, Analysis of Budget Variations and Budget Follow-up
Control Ratios
Revisions of Budget
Difference between Forecast and Budget
Distinction between Flexible Budgeting and Zero Budgeting
Difference between Flexible Budget and Fixed Budget
Difference between Traditional Budgeting and Zero Base Budgeting
Differences between Standard Costing and Budgetary Control
Advantages of a Budget
Advantages of Budgetary Control
Limitations of Budgetary Control
Problems of Budgetary Control
Dangers in Budgeting
Multiple Choice Questions and Answers
What is Budgetary Control: Definitions, Features, Objectives, Types, Preliminaries, Functions, Differences, Advantages, Limitations, MCQ and More…
Introduction to Budget and Budgetary Control
Budgets are one of the most important aspects of any system – be it domestic life, a corporate house or a nation. At home, we often make yearly, monthly, weekly or even daily budgets that would influence our expenses and savings. Budget of any organisation will tell you about it’s growth and expansion plans.
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Union Government Budget not only allocates resources for various programmes that decide our nation’s progress, it even affects you and me, as it determines the rate of income tax and other taxes which will affect everybody directly or indirectly.
At personal level, almost