Budgeting
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Budgeting involves preparing estimates of future financial needs for a defined period of time in order to help achieve organizational objectives. The process of budgeting includes studying business situations, understanding management goals and capabilities, and preparing quantitative plans. Budgetary control then establishes responsibilities, compares actual performance to budgets, and takes actions to maximize profitability through continuous monitoring and potential revisions. While budgets provide benefits like improved coordination, efficiency, and profitability, they also have limitations such as not accounting for changing economic conditions and requiring management cooperation.
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Budget & budgetarycontrol
A budget is a plan for income and expenses over a defined period of time, expressed in monetary terms. It is prepared before the period begins. Budgeting provides benefits like control over money, awareness of finances, and early warnings about potential problems. Budgetary control involves implementing budgets and holding managers responsible. It establishes budgets for all organizational functions and continuously compares actual performance to the budget to identify variations and take corrective actions. The objectives of budgetary control include planning, coordination, communication, control, and performance evaluation.
Budgetary control (2)
Budgetary control is a system that uses budgets to plan and evaluate performance according to budgeted goals. It involves planning, controlling, coordinating, recording, and following up on budgets. Successful budgetary control requires clarifying objectives, delegating authority and responsibility, proper communication, budget education, participation, and flexibility. The objectives of budgeting and budgetary control are to pre-determine capital expenditures, plan and control income and expenses, operate divisions efficiently, smooth seasonal variations, and obtain economical use of capital.
Budgeting and Budgetary Control
The document discusses budgets and budgetary control. It provides definitions of budgets, including that a budget is a financial plan prepared in advance. It explains that budgets are prepared for key areas like purchases, sales, production, and cash. The cash budget estimates changes to the bank balance over the budget period. Benefits of budgets include assisting planning, communication, decision-making, and motivation. Limitations include potential inaccuracy and risk of demotivating staff.
budget budgeting and budgetary control
Budgetary control is an important management technique that involves planning, implementing, and evaluating business activities based on a pre-prepared budget. It helps balance expenses with income. A budget is a summary of expected income and expenses for a defined future period, expressed in monetary terms, and prepared before that period begins. Budgetary control has advantages like enhanced efficiency, coordination, and profit maximization, but also limitations such as being based on estimates and potentially hindering flexibility. For an effective budgetary control system, certain prerequisites must be in place, including clear roles and responsibilities, well-defined objectives and policies, a budget committee, and accounting and communication systems.
Budgetary control
The document discusses budgets, including their definition, characteristics, types, and objectives. It provides details on types of budgets such as functional budgets, master budgets, and zero-base budgets. It also outlines the steps to installing a budget control system and lists the essentials of an effective budget control process. Key points include that a budget is a quantitative financial plan prepared in advance to achieve objectives, budgets are classified by function or in a master consolidated summary, and budgetary control involves establishing budgets, tracking actuals, analyzing variances, and revising budgets.
Budgeting & Budgetary Control
The document discusses budgeting and budgetary control. It defines budgeting as a formal financial planning process using estimated accounting data. Budgeting involves preparing budgets for various areas such as sales, production, marketing, and expenditures. Budgetary control involves comparing actual performance to the budget and taking corrective action for any deviations. Budgets can be fixed or flexible depending on the level of activity. The document outlines the purposes of budgeting as planning, coordination, communication, and control. It also discusses types of budgets, budgeting process, responsibilities, and short-term versus long-term budgets.
Budgetary control final ppt
The document discusses budgetary control and flexible budgets. It defines budgetary control as the establishment of budgets relating to executive responsibilities and requirements of policy, with the continuous comparison of actual to budgeted results to ensure objectives are met or require revision. Flexible budgets vary based on activity levels, like preparing budgets for production of 7,000 and 9,000 units based on variable and fixed cost schedules. Budgetary control involves planning, coordination, communication, and control to improve overall efficiency.
Basic framework of budgeting
The document discusses the basic framework of budgeting. It defines a budget as a detailed quantitative plan for acquiring and using financial resources over a specified time period. Budgeting involves preparing budgets and using budgets to control an organization's activities. Budgets help communicate plans, think about the future, allocate resources, uncover bottlenecks, and coordinate activities. Advantages of budgeting include bringing efficiency, communicating plans, motivating managers, controlling ongoing operations, developing team spirit, reducing wastage, evaluating performance, and educating managers. The document also discusses responsibility accounting, types of budgets including direct labor, production, direct materials, sales, and inventory purchase budgets, and provides an example direct labor budget.
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Budget & budgetarycontrol
A budget is a plan for income and expenses over a defined period of time, expressed in monetary terms. It is prepared before the period begins. Budgeting provides benefits like control over money, awareness of finances, and early warnings about potential problems. Budgetary control involves implementing budgets and holding managers responsible. It establishes budgets for all organizational functions and continuously compares actual performance to the budget to identify variations and take corrective actions. The objectives of budgetary control include planning, coordination, communication, control, and performance evaluation.
Budgetary control (2)
Budgetary control is a system that uses budgets to plan and evaluate performance according to budgeted goals. It involves planning, controlling, coordinating, recording, and following up on budgets. Successful budgetary control requires clarifying objectives, delegating authority and responsibility, proper communication, budget education, participation, and flexibility. The objectives of budgeting and budgetary control are to pre-determine capital expenditures, plan and control income and expenses, operate divisions efficiently, smooth seasonal variations, and obtain economical use of capital.
Budgeting and Budgetary Control
The document discusses budgets and budgetary control. It provides definitions of budgets, including that a budget is a financial plan prepared in advance. It explains that budgets are prepared for key areas like purchases, sales, production, and cash. The cash budget estimates changes to the bank balance over the budget period. Benefits of budgets include assisting planning, communication, decision-making, and motivation. Limitations include potential inaccuracy and risk of demotivating staff.
budget budgeting and budgetary control
Budgetary control is an important management technique that involves planning, implementing, and evaluating business activities based on a pre-prepared budget. It helps balance expenses with income. A budget is a summary of expected income and expenses for a defined future period, expressed in monetary terms, and prepared before that period begins. Budgetary control has advantages like enhanced efficiency, coordination, and profit maximization, but also limitations such as being based on estimates and potentially hindering flexibility. For an effective budgetary control system, certain prerequisites must be in place, including clear roles and responsibilities, well-defined objectives and policies, a budget committee, and accounting and communication systems.
Budgetary control
The document discusses budgets, including their definition, characteristics, types, and objectives. It provides details on types of budgets such as functional budgets, master budgets, and zero-base budgets. It also outlines the steps to installing a budget control system and lists the essentials of an effective budget control process. Key points include that a budget is a quantitative financial plan prepared in advance to achieve objectives, budgets are classified by function or in a master consolidated summary, and budgetary control involves establishing budgets, tracking actuals, analyzing variances, and revising budgets.
Budgeting & Budgetary Control
The document discusses budgeting and budgetary control. It defines budgeting as a formal financial planning process using estimated accounting data. Budgeting involves preparing budgets for various areas such as sales, production, marketing, and expenditures. Budgetary control involves comparing actual performance to the budget and taking corrective action for any deviations. Budgets can be fixed or flexible depending on the level of activity. The document outlines the purposes of budgeting as planning, coordination, communication, and control. It also discusses types of budgets, budgeting process, responsibilities, and short-term versus long-term budgets.
Budgetary control final ppt
The document discusses budgetary control and flexible budgets. It defines budgetary control as the establishment of budgets relating to executive responsibilities and requirements of policy, with the continuous comparison of actual to budgeted results to ensure objectives are met or require revision. Flexible budgets vary based on activity levels, like preparing budgets for production of 7,000 and 9,000 units based on variable and fixed cost schedules. Budgetary control involves planning, coordination, communication, and control to improve overall efficiency.
Basic framework of budgeting
The document discusses the basic framework of budgeting. It defines a budget as a detailed quantitative plan for acquiring and using financial resources over a specified time period. Budgeting involves preparing budgets and using budgets to control an organization's activities. Budgets help communicate plans, think about the future, allocate resources, uncover bottlenecks, and coordinate activities. Advantages of budgeting include bringing efficiency, communicating plans, motivating managers, controlling ongoing operations, developing team spirit, reducing wastage, evaluating performance, and educating managers. The document also discusses responsibility accounting, types of budgets including direct labor, production, direct materials, sales, and inventory purchase budgets, and provides an example direct labor budget.
Budgetary control
Budgetary control is the process of comparing actual results to planned budgets in order to calculate variances and ensure maximum profitability. It involves preparing budgets, coordinating departments, and acting on performance results. A budget officer coordinates budgets across departments and informs management of deviations. Budget committees include department heads and are responsible for budget preparation and execution. Key factors that influence other budgets, like sales quantities, are identified. Budgetary control aims to maximize profits through planning, coordination, accountability, and correction of weaknesses.
Budget, Budgeting & budgetary control
Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
A study of budgetary control
A formal statement of the financial resources set aside for carrying out specific activities in a given period of time. A budget is prepared for the effective utilization of resources. It is based on the implementations of a forecast and related to planned events.
Budgeting
This document provides an overview of budgets, budgeting processes, and budget types. It discusses that a budget quantitatively expresses plans to achieve objectives and allows for comparison of actual vs planned outcomes. The budgeting process involves identifying limiting factors, preparing functional budgets in a logical order, aggregating into a master budget, and comparing actuals to flexed budgets to identify variances. Different types of budgets include long-term/short-term, fixed/flexible, functional like sales/production, and the master budget. Budgets play roles in planning, control, communication, and motivation.
Budgeting concepts
This document discusses budgeting concepts including its characteristics, objectives, techniques/process, principles, advantages, and limitations. Budgeting is a technique used for future forecasting and planning based on business objectives. It helps improve managerial efficiency, cost control, and performance evaluation. The budgeting process involves formulating policies, drafting forecasts for areas like sales and costs, coordinating departmental budgets, and approving a master budget. Budgeting principles include sponsorship by top management, determining responsibility centers, and taking timely corrective action. Advantages are helping with planning, decision making, and resource utilization. Limitations include potential for bias and increased costs.
Budgeting and budgetary control
Budgeting faces several challenges: (1) estimating an uncertain future, (2) gaining buy-in from budget holders, and (3) responding to unplanned changes. To overcome these, companies use flexible budgets, involve stakeholders, and regularly update budgets. Effective budgeting requires open communication and adapting to new information.
Budgetary control
Budgetary control involves companies establishing budgets for revenue, expenses, assets and liabilities in advance of an accounting period. Managers prepare functional budgets for their departments, which are then combined into a master budget. Actual performance is continuously compared to budgets to ensure plans are achieved or provide a basis for revision. Budgetary control coordinates activities, provides responsibility accounting, motivates managers, and establishes a system for planning and control through regular budget reviews.
Budget and budgetary control
This document provides information about budgets, including their definition, essential components, benefits, and types. It defines a budget as a monetary plan for a defined future period. Budgeting allows organizations to prioritize spending, focus on goals, and identify potential problems in advance. Types of budgets include functional budgets for specific areas like sales and production, the master budget which combines these, and flexible versus fixed budgets. The document also provides examples of how to format budgets for different areas.
Budgetary control ppt
This document discusses budgetary control and planning at Ushodaya Degree College. It analyzes the college's sales and other receipts budgets, total inventory budgets, and revenue budgets over a 5-year period from 2010-2011 to 2013-2014. The analysis found that sales budgets increased over time, while inventory budgets decreased from 2010-2011 to 2012-2013 but then increased in 2013-2014. Suggestions are provided to improve the college's budgetary control techniques and capital budgeting. In conclusion, the study evaluated the college's financial position and budgetary control systems over 5 years.
Budgetory control
The document discusses key concepts related to budgeting and budgetary control. It defines a budget as a financial plan for a defined period that is prepared and approved in advance to achieve objectives. Budgeting is described as the process of designing, implementing, and operating budgets. Budgetary control involves establishing budgets, relating responsibilities to the budgets, and continuously comparing actual performance to budgets. The advantages and limitations of budgets are also summarized.
Advantages and disadvantages of budgeting
Budgeting has several key advantages and disadvantages for organizations. The advantages include encouraging participation from department heads, forcing consideration of alternative actions and costs, establishing standards for comparing planned and actual results, and preparing for adjustments across activity levels. However, disadvantages include the significant time and costs to prepare budgets, budgets being based on unknown future factors, requiring confidential information, and potentially incentivizing spending just to use the full budget. On balance, the advantages of budgeting for most organizations outweigh the disadvantages.
Budgeting and budgetary control
The document discusses budgeting and budgetary control systems. It defines a budget as a financial plan that sets goals and allocates resources for an upcoming period. Budgetary control involves establishing budgets, comparing actual results to budgets, calculating variances, and taking corrective action. Corporate planning is a long-term strategic planning process, while budgeting translates long-term plans into short-term action plans. SWOT analysis and setting objectives are key steps in corporate planning. Budgeting motivates employees and allows comparison of actual results to plans.
Meaning of Budget and budgetary control
A budget is a detailed quantitative plan that specifies how resources will be acquired and used over a specified period of time. The budgeting process involves preparing individual functional budgets, negotiating the budgets with superiors, and ongoing review. There are different methods of budgeting such as imposed, participative, and negotiated budgets. A master budget integrates individual budgets and includes financial budgets like the cash budget and income statement as well as operational budgets for sales, production, expenses. Budgetary control involves comparing actual performance to the budget to monitor progress and make decisions. Benefits of budgets include planning, communication, control, and motivation.
Budget and Budgetary control
Topic :- Budget and Budgetary control
From Financial Analysis And Control
belongs to M.Com 1st syllabus
What is budgetary control
Budgetary control has three main objectives: 1) to plan for and compare actual performance to standard performance, 2) to prepare budgets in advance to check the availability of finances, and 3) to serve as an essential management tool to control costs and maximize profits.
The steps in budgetary control include: 1) establishing budgets, 2) executing responsibilities to attain objectives, 3) continuously comparing actual to standard performance, and 4) taking corrective actions for any deviations.
Budgetary control requires determining objectives, responsibilities, key factors, periods, and forecasts in order to install an effective system for planning, coordination, and control across departments to achieve organizational goals.
OBJECTIVES OF BUDGETING IN MANAGEMENT ACCOUNTING
The objectives of budgeting are planning, coordination, controlling, resource allocation, and performance review. Budgeting allows companies to plan for growth over a specified period by outlining opportunities, investments, and costs. It encourages managers to coordinate and keep costs manageable. Actual performance is compared to budgets to exercise control, and feedback is provided to employees. Budgeting also facilitates efficient allocation of a company's finite resources while setting aside capital for unexpected issues. Managers can use budgets to review performance and efficiency within allocated resources.
Budgeting
Budgeting involves preparing quantitative financial statements for a defined period to help achieve objectives. It includes designing, implementing, and overseeing budgets. Budgetary control establishes budgets and compares actual results to budgets to ensure policy objectives are met or provide a basis for revision. Budgeting advantages include aiding internal audits, optimal resource allocation, planning, improved communication, and motivating staff. Problems include perceived pressure and departmental conflicts over resources. The budgeting process specifies objectives, success factors, roles, budget centers, periods, committees, and manuals. A flexible budget recognizes variable costs change with activity levels, allowing accurate performance assessment and recasting to match changed conditions.
Budgetary control
This presentation discusses budgetary control. It defines a budget as a financial statement prepared for a definite future period to attain a given objective. Budgetary control involves establishing budgets, relating executive responsibilities to policy requirements, and comparing actual results to budgets. The presentation discusses installing a budgetary control system, including determining objectives and constraints, organizing budgeting responsibilities, setting the budget period, and reporting results. Budgetary control allows management to effectively utilize resources but relies on estimates that may not be achieved.
Budget& budgetory control
This document provides information about budgets and budgetary control. It defines what a budget is, explains different types of budgets such as sales, production, purchase budgets. It also discusses budgetary control which involves establishing budgets, comparing actual performance to planned budgets, analyzing variances, and taking corrective actions. Finally, it classifies budgets according to time, function, and flexibility. Key types discussed are sales, production, purchase, cash budgets and how they are prepared. Budgets help management plan, control operations, and evaluate performance.
Planning and Short-term Budgeting
Budgeting is a process of planning an organization's operating activities in quantitative terms for a given period of time. It has several objectives including compelling managers to plan, providing information to improve decision making, and setting benchmarks for performance evaluation.
The master budget is comprised of an operating budget and financial budget. The operating budget includes sales, production, purchase, cost of goods sold, operating cost, and budgeted income statement. The financial budget includes a budgeted balance sheet and cash budget.
Major benefits of budgeting are planning, evaluating performance, coordinating and controlling efforts, and motivating positive behavior as people develop a commitment to achieving the budgets they prepared.
Budget and budgetary control
This document provides an overview of budgets and budgetary control. It defines a budget as a quantified financial plan for a defined future period. Budgets have benefits like helping control spending, focus on goals, and organize finances. The key types of budgets discussed include sales, production, costs, materials, purchases, labor, overhead, selling & distribution, administration, capital expenditures, and cash budgets. Budgetary control involves establishing budgets, comparing actuals to budgets, and taking corrective action for variances. The objectives of budgetary control are planning, coordination, communication, motivation, control, and performance evaluation.
How toreadsciarticle
This document provides guidance on how to effectively read and understand a scientific article. It recommends skimming the article first to identify its structure, purpose, and key points. When reading, generate questions and draw inferences from prior knowledge. Take notes on important details like the hypothesis, methodology, results, and how the article relates to other works. Actively engaging with the text in this way facilitates better comprehension and recall of the scientific content.
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Budgetary control
Budgetary control is the process of comparing actual results to planned budgets in order to calculate variances and ensure maximum profitability. It involves preparing budgets, coordinating departments, and acting on performance results. A budget officer coordinates budgets across departments and informs management of deviations. Budget committees include department heads and are responsible for budget preparation and execution. Key factors that influence other budgets, like sales quantities, are identified. Budgetary control aims to maximize profits through planning, coordination, accountability, and correction of weaknesses.
Budget, Budgeting & budgetary control
Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
A study of budgetary control
A formal statement of the financial resources set aside for carrying out specific activities in a given period of time. A budget is prepared for the effective utilization of resources. It is based on the implementations of a forecast and related to planned events.
Budgeting
This document provides an overview of budgets, budgeting processes, and budget types. It discusses that a budget quantitatively expresses plans to achieve objectives and allows for comparison of actual vs planned outcomes. The budgeting process involves identifying limiting factors, preparing functional budgets in a logical order, aggregating into a master budget, and comparing actuals to flexed budgets to identify variances. Different types of budgets include long-term/short-term, fixed/flexible, functional like sales/production, and the master budget. Budgets play roles in planning, control, communication, and motivation.
Budgeting concepts
This document discusses budgeting concepts including its characteristics, objectives, techniques/process, principles, advantages, and limitations. Budgeting is a technique used for future forecasting and planning based on business objectives. It helps improve managerial efficiency, cost control, and performance evaluation. The budgeting process involves formulating policies, drafting forecasts for areas like sales and costs, coordinating departmental budgets, and approving a master budget. Budgeting principles include sponsorship by top management, determining responsibility centers, and taking timely corrective action. Advantages are helping with planning, decision making, and resource utilization. Limitations include potential for bias and increased costs.
Budgeting and budgetary control
Budgeting faces several challenges: (1) estimating an uncertain future, (2) gaining buy-in from budget holders, and (3) responding to unplanned changes. To overcome these, companies use flexible budgets, involve stakeholders, and regularly update budgets. Effective budgeting requires open communication and adapting to new information.
Budgetary control
Budgetary control involves companies establishing budgets for revenue, expenses, assets and liabilities in advance of an accounting period. Managers prepare functional budgets for their departments, which are then combined into a master budget. Actual performance is continuously compared to budgets to ensure plans are achieved or provide a basis for revision. Budgetary control coordinates activities, provides responsibility accounting, motivates managers, and establishes a system for planning and control through regular budget reviews.
Budget and budgetary control
This document provides information about budgets, including their definition, essential components, benefits, and types. It defines a budget as a monetary plan for a defined future period. Budgeting allows organizations to prioritize spending, focus on goals, and identify potential problems in advance. Types of budgets include functional budgets for specific areas like sales and production, the master budget which combines these, and flexible versus fixed budgets. The document also provides examples of how to format budgets for different areas.
Budgetary control ppt
This document discusses budgetary control and planning at Ushodaya Degree College. It analyzes the college's sales and other receipts budgets, total inventory budgets, and revenue budgets over a 5-year period from 2010-2011 to 2013-2014. The analysis found that sales budgets increased over time, while inventory budgets decreased from 2010-2011 to 2012-2013 but then increased in 2013-2014. Suggestions are provided to improve the college's budgetary control techniques and capital budgeting. In conclusion, the study evaluated the college's financial position and budgetary control systems over 5 years.
Budgetory control
The document discusses key concepts related to budgeting and budgetary control. It defines a budget as a financial plan for a defined period that is prepared and approved in advance to achieve objectives. Budgeting is described as the process of designing, implementing, and operating budgets. Budgetary control involves establishing budgets, relating responsibilities to the budgets, and continuously comparing actual performance to budgets. The advantages and limitations of budgets are also summarized.
Advantages and disadvantages of budgeting
Budgeting has several key advantages and disadvantages for organizations. The advantages include encouraging participation from department heads, forcing consideration of alternative actions and costs, establishing standards for comparing planned and actual results, and preparing for adjustments across activity levels. However, disadvantages include the significant time and costs to prepare budgets, budgets being based on unknown future factors, requiring confidential information, and potentially incentivizing spending just to use the full budget. On balance, the advantages of budgeting for most organizations outweigh the disadvantages.
Budgeting and budgetary control
The document discusses budgeting and budgetary control systems. It defines a budget as a financial plan that sets goals and allocates resources for an upcoming period. Budgetary control involves establishing budgets, comparing actual results to budgets, calculating variances, and taking corrective action. Corporate planning is a long-term strategic planning process, while budgeting translates long-term plans into short-term action plans. SWOT analysis and setting objectives are key steps in corporate planning. Budgeting motivates employees and allows comparison of actual results to plans.
Meaning of Budget and budgetary control
A budget is a detailed quantitative plan that specifies how resources will be acquired and used over a specified period of time. The budgeting process involves preparing individual functional budgets, negotiating the budgets with superiors, and ongoing review. There are different methods of budgeting such as imposed, participative, and negotiated budgets. A master budget integrates individual budgets and includes financial budgets like the cash budget and income statement as well as operational budgets for sales, production, expenses. Budgetary control involves comparing actual performance to the budget to monitor progress and make decisions. Benefits of budgets include planning, communication, control, and motivation.
Budget and Budgetary control
Topic :- Budget and Budgetary control
From Financial Analysis And Control
belongs to M.Com 1st syllabus
What is budgetary control
Budgetary control has three main objectives: 1) to plan for and compare actual performance to standard performance, 2) to prepare budgets in advance to check the availability of finances, and 3) to serve as an essential management tool to control costs and maximize profits.
The steps in budgetary control include: 1) establishing budgets, 2) executing responsibilities to attain objectives, 3) continuously comparing actual to standard performance, and 4) taking corrective actions for any deviations.
Budgetary control requires determining objectives, responsibilities, key factors, periods, and forecasts in order to install an effective system for planning, coordination, and control across departments to achieve organizational goals.
OBJECTIVES OF BUDGETING IN MANAGEMENT ACCOUNTING
The objectives of budgeting are planning, coordination, controlling, resource allocation, and performance review. Budgeting allows companies to plan for growth over a specified period by outlining opportunities, investments, and costs. It encourages managers to coordinate and keep costs manageable. Actual performance is compared to budgets to exercise control, and feedback is provided to employees. Budgeting also facilitates efficient allocation of a company's finite resources while setting aside capital for unexpected issues. Managers can use budgets to review performance and efficiency within allocated resources.
Budgeting
Budgeting involves preparing quantitative financial statements for a defined period to help achieve objectives. It includes designing, implementing, and overseeing budgets. Budgetary control establishes budgets and compares actual results to budgets to ensure policy objectives are met or provide a basis for revision. Budgeting advantages include aiding internal audits, optimal resource allocation, planning, improved communication, and motivating staff. Problems include perceived pressure and departmental conflicts over resources. The budgeting process specifies objectives, success factors, roles, budget centers, periods, committees, and manuals. A flexible budget recognizes variable costs change with activity levels, allowing accurate performance assessment and recasting to match changed conditions.
Budgetary control
This presentation discusses budgetary control. It defines a budget as a financial statement prepared for a definite future period to attain a given objective. Budgetary control involves establishing budgets, relating executive responsibilities to policy requirements, and comparing actual results to budgets. The presentation discusses installing a budgetary control system, including determining objectives and constraints, organizing budgeting responsibilities, setting the budget period, and reporting results. Budgetary control allows management to effectively utilize resources but relies on estimates that may not be achieved.
Budget& budgetory control
This document provides information about budgets and budgetary control. It defines what a budget is, explains different types of budgets such as sales, production, purchase budgets. It also discusses budgetary control which involves establishing budgets, comparing actual performance to planned budgets, analyzing variances, and taking corrective actions. Finally, it classifies budgets according to time, function, and flexibility. Key types discussed are sales, production, purchase, cash budgets and how they are prepared. Budgets help management plan, control operations, and evaluate performance.
Planning and Short-term Budgeting
Budgeting is a process of planning an organization's operating activities in quantitative terms for a given period of time. It has several objectives including compelling managers to plan, providing information to improve decision making, and setting benchmarks for performance evaluation.
The master budget is comprised of an operating budget and financial budget. The operating budget includes sales, production, purchase, cost of goods sold, operating cost, and budgeted income statement. The financial budget includes a budgeted balance sheet and cash budget.
Major benefits of budgeting are planning, evaluating performance, coordinating and controlling efforts, and motivating positive behavior as people develop a commitment to achieving the budgets they prepared.
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How toreadsciarticle
This document provides guidance on how to effectively read and understand a scientific article. It recommends skimming the article first to identify its structure, purpose, and key points. When reading, generate questions and draw inferences from prior knowledge. Take notes on important details like the hypothesis, methodology, results, and how the article relates to other works. Actively engaging with the text in this way facilitates better comprehension and recall of the scientific content.
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There are several types of budgets that can be used by organizations depending on their time horizon and nature. Long term budgets span 5-10 years and are used by senior management for research and development or long term financing. Short term budgets cover 1-2 years and are used by industries like textiles. Current budgets focus on months and weeks and cover current activities. Budgets can also be categorized by their functions such as production, sales, expenses, cash flow, capital expenditures, and more. Master budgets integrate the various functional budgets into a single summary budget that is used to coordinate departments. Budgets can also differ in their flexibility, with fixed budgets being less adaptable to changes compared to flexible budgets.
Principles of Management – Chpt 17 : Controlling
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Control is the last function of management. Success or failure of planning depends on the success or failure of controlling.
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Budgetary control involves establishing budgets for different departments and periods, continuously comparing actual performance to budgets, and taking corrective actions to achieve objectives. It helps coordinate activities, control costs, maximize profits, eliminate waste, and improve efficiency. Budgetary control is an important management tool that involves planning, coordination, and controlling business decisions through the preparation and use of budgets.
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The document discusses various techniques for budget control and budget making. It begins by defining what a budget is and then discusses the differences between budgets, budgeting, and budget control. It outlines the key things a budget needs to do including projecting revenue, determining expenses, and predicting profits. The document then discusses various types of budgets such as time-based budgets, function-based budgets, and flexibility-based budgets. It also outlines the steps in the budgetary process including assessment, development, implementation, and evaluation. Finally, it discusses techniques for budgeting such as conventional budgeting, zero-based budgeting, and performance-based budgeting.
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Budgetary control is a powerful management tool that involves establishing budgets relating to the responsibilities of executives and requirements of policies. It fixes targets in terms of money and relates to both management and accounting functions. The process involves forecasting planned events, comparing actual results to budgets, and revising budgets and policies based on deviations. It aims to assist management with planning, coordination, and control through clarifying objectives, delegating authority, and motivating performance.
Presentation on
Budgetary control is a powerful management tool that involves establishing budgets relating to the responsibilities of executives and requirements of policies. It assists management in planning, allocation of resources, and control. The document discusses key aspects of budgetary control including objectives, preparation, types (functional budgets for sales, production, etc.), and advantages like profit estimation and coordination. Challenges include opposition to the spirit of budgeting and adapting to changing economic conditions.
Presentation on Accounting
Budgetary control is a powerful management tool that involves establishing budgets relating to the responsibilities of executives and requirements of policies. It fixes targets in terms of money and relates to both management and accounting functions. The process involves forecasting planned events, preparing budgets for each accounting period and comparing actual results to budgets continuously to ensure objectives are met or to provide a basis for revising policies. Effective budgetary control requires clarifying objectives, delegating authority and responsibility, communicating changes, and motivating participation through the entire budget process.
Bugetory Control.pptx
The document defines budgets and budgetary control. It states that a budget is a financial plan for a defined future period that is used for planning, performance evaluation, and control. Budgetary control involves establishing budgets for departments, continuously comparing actual performance to budgets, analyzing variations, and taking corrective actions. The document also discusses the objectives, essentials, and preliminary steps in installing an effective budgeting system, including creating budget centers and a budget committee. It describes different types of functional and master budgets.
Budgetary control
This document discusses budgetary control and classification of budgets. It covers the following key points:
Budgets can be classified according to time (short-term, long-term, current, rolling), functions (sales, production, cost of production, cash, R&D), purpose (program, responsibility, financial, zero-based), and flexibility. Common budgets include the master budget, operating budget, and responsibility budget.
Effective budgetary control requires establishing an organization structure with defined budget centers and officers, a budget committee, budget manual, budget period, and consideration of key factors. Budgets are an important planning and performance evaluation tool.
BUDGETING AND FINANCING
This document defines key terms related to budgeting and financing, including:
- A budget is a financial plan that represents an organization's goals and objectives in monetary terms.
- Budgeting is the process of preparing, securing, and maintaining records for a budget.
- Accounting involves recording and classifying financial transactions.
- There are several types of budgets, such as program budgets that focus on goals and line-item budgets that are simple to administer.
- Cost-benefit analysis evaluates the costs and benefits of programs. The budget-making process involves setting goals, collecting data, deciding allocations, and finalizing the budget.
Budgeting_and_Budgetary_Control.pptx
This document discusses budgeting and budgetary control. It defines budgeting as a quantitative financial statement prepared in advance for a defined period to achieve objectives. Budgetary control involves comparing actual results to budgets, recording actuals, analyzing variances, and taking corrective actions. The objectives of budgetary control are to operate efficiently, eliminate waste, anticipate capital needs, centralize control, and address deviations. Advantages include maximizing profits, coordination, performance measurement, and corrective actions. Limitations include uncertainty, need for revisions, focus only on budgets, and department conflicts. The document outlines different types of budgets based on time period, functions, flexibility, and includes a section on sales budgets.
Budgeting
Budgets are financial plans prepared in advance to help achieve objectives. There are various types including sales, production, cash budgets. Budgetary control involves establishing budgets, comparing actuals to budgets, analyzing variances, and revising budgets. The key purposes of budgeting and budgetary control are planning, coordination, communication, motivation, control, and performance evaluation. It helps management anticipate the future, coordinate departments, pinpoint inefficiencies, and direct resources for maximum profit.
Budgetory control in“ushodaya degree college.”.
The document discusses budgets and budgetary control. It defines a budget as a quantitative and monetary expression of a plan of action relating to an upcoming period. Budgetary control is defined as establishing budgets related to executive responsibilities and policies, and continuously comparing actual results to budgeted results to ensure objectives are met or provide a basis for revision. The document also discusses the importance of budgets for planning, coordination, control and motivation. It provides definitions of budgets and budgetary control from various sources and outlines the key aspects and procedures of establishing an effective budgetary control system.
Meaning of budget
The document discusses budgets and budgetary control. It defines a budget as a detailed plan of operations for a future period that acts as a business barometer. Budgetary control involves establishing budgets relating to executive responsibilities and comparing actual results to budgets to motivate employees and secure objectives. The objectives of budgetary control include planning, communication, coordination, control, and motivation. Advantages are defining objectives, revealing variances, guiding executive action, and providing a basis for future budgets. Limitations include using estimates and continually adapting budgets. Budgets can be classified by time, function, and flexibility.
Capital Budgeting
This presentation attempts to explain some aspects of Capital Budgeting. It includes difference between Fixed Budgeting and Flexible Budgeting.
Budgeting-Budgetary-Control.pptx FOR ECONOMICS
Budgetary control involves preparing budgets that act as financial plans to guide operations over a specific period of time. Budgets are compared to actual results to evaluate performance and fix responsibility for deviations. The key objectives of budgetary control are planning, coordinating activities, controlling costs, communicating plans, evaluating performance, and motivating managers. Budgetary control establishes budgets for each function and division, regularly compares actuals to budgets, and takes corrective action if needed to achieve objectives.
Financial & profit planning
Its about the financial and profit planning.A firm should be managed effectively and efficiently. This implies that the firm should be able to achieve its objectives by minimising the use of resources. Thus managing implies coordination and control of the efforts of the firm for achieving the organisational objectives.
sai krishna
This document provides an introduction and overview of budgets and budgetary control. It defines what a budget is, the different types of budgets (capital vs operating budgets), and the objectives and benefits of budgets, such as planning, coordination, motivation, communication, and control. It also defines budgetary control and its key aspects, like establishing budgets for functions/sections, comparing actual to budgeted performance, and taking corrective actions. The document outlines the budgeting process, including organizing the budget team, developing the capital and revenue budgets, approving the budgets, and monitoring performance against the budgets. It discusses some limitations of budgetary control as well.
Budgeting
This document defines and discusses budgets and budgeting. It provides several definitions of a budget from different sources, concluding that a budget is a financial or quantitative plan covering all sectors of operations for a defined future period aimed at achieving business goals and objectives. The document also discusses business budgeting, the characteristics and nature of budgets, the objectives of budgets, and some limitations of budgets. It aims to provide an overview of what a budget is and how it is used as a management tool.
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This document defines and discusses budgets and budgetary control. It states that a budget is a short-term financial plan that acts as a guide to achieve predetermined targets. It is a comprehensive plan expressed in financial terms for operations and resources for a specific future period. Budgetary control involves using budgets to control activities by preparing budgets, comparing actual results to forecasts, and taking actions to address deviations to achieve objectives. Key aspects of budgeting and budgetary control include establishing responsibility, setting realistic targets, proper reporting, and top management support.
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Budget control and budget making techniques in a hospital
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Venky's is one of the largest poultry producers in Asia with 60% market share in India. Previously, they marketed different chicken products like whole birds, legs, breasts, and curried pieces. They also planned to sell pre-portioned and ready-to-cook chicken. Market research found chicken was used for special occasions and guests. Advertising initially focused on freshness and special cuts but lowered prices and expanded outlets. A new agency shifted focus back to raw chicken without differentiation. Currently, Venky's approaches chicken as a commodity rather than brand due to lack of competition.
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The profit/volume (P/V) ratio expresses the relationship between contribution and sales. It is calculated as contribution divided by sales or sales minus variable costs divided by sales. The P/V ratio is important for analyzing the profitability of a business, as a higher ratio means more profit and a lower ratio means less profit. The ratio can be increased by raising prices, lowering variable costs, or selling more profitable products. The P/V ratio is also useful for calculating the break-even point, profit at a given sales volume, sales needed for a target profit, and sales required to maintain profits with a price reduction.
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Standard costing is a specialized costing technique used for cost control that establishes predetermined costs known as standards that are used as benchmarks to measure performance and control costs. Variances between actual and standard costs are analyzed to identify reasons for differences and assign responsibility so corrective measures can be taken. Standard costing is useful for decision making, production planning, policy formulation, and proper budgeting as it provides feedback on performance.
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Budgeting
- 1. BUDGET, BUDGETING & BUDGETARY CONTROL Sujoy Kr Paul
- 2. BUDGET French word ‘bougette’ means leather pouch. In which funds are appropriated for meeting anticipated expenses. Monetary or quantitative expression of plan & policies of operations for specific future period, Targets to be achieved within a specific period,
- 3. definition “Budget is an estimate of future needs arranged according to an orderly basis, covering some or all of the activities of an enterprise for definite period of time”- GEORGE R. TERRY “a financial and /or quantitative statement, prepared prior to a defined period of time, of the policy to be pursued during that period for the purpose of a given objective”-ICMA
- 4. BUDGETING Process of preparing budgets, Study of business situations, Understanding the management objectives, Understanding the capacity of enterprise. “ The entire process of preparing the budgets is known as budgeting”-BATTY “Budgeting may be said to be the act of building budgets”-ROLAND & HARR
- 5. Budgetary control “Budgetary control is a system of controlling costs which includes preparation of budgets, coordinating the department, establishing responsibilities, comparing actual performance with the budgeted, and acting upon the results to achieve maximum profitability”-BROWN & HOWARD
- 6. ICMA defines “ The establishment of budgets, relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of the actual with the budgeted results either to secure by individual action the objectives of the policy or to provide a basis for its revision”
- 7. characteristics Establishment Coordination Continuous comparison revision
- 8. Objectives Planning Coordination Efficiency & Economy Increase in profitability Anticipation of future capital expenditure, Control Deviations
- 9. Advantages Economy in working Buck –passing avoided, Establishes coordination, Guard against undue optimism, Acts as a safety signal, Adoption of uniform policy, Decrease in production costs, Adoption of standard costing principles, Management by exception, Optimum mix
- 10. LIMITATIONS Opposition against the very spirit of budgeting, Budgeting & Changing economy Time factor, Not a substitute for the management, Cooperation & coordination required, Revision required, Uncertainty of futures Depends upon the support level of management, Budgetary revision required