Bugetary control
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This document discusses budgetary control, which involves setting financial and performance goals through budgets, comparing actual results to budgets, and making adjustments as needed. It helps with planning, coordination, decision-making, monitoring, and motivation. The document outlines objectives of budgetary control like resource allocation and economic stability. It also lists advantages, like maximizing profits and determining weak spots, and limitations, such as uncertain futures and requiring revisions. Finally, it briefly defines types of budgets used in budgetary control, including sales, production, material, and procurement budgets.
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This document discusses different types of budgets used for budgeting and cost control, including sales, production, cost of production, purchase, personnel, R&D, capital expenditure, cash, and master budgets. It defines fixed and flexible budgets. Cost control aims to identify and reduce expenses to increase profits through establishing budgets, comparing actuals to budgets, and taking corrective action for variances. Responsibility accounting assigns responsibility centers and fixes accountability. Main areas for cost control are materials, labor, sales, and power/energy. Benefits include improved profits, handling competition, reduced costs and prices, stable prices, and higher sales.
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MASTER BUDGET
The document provides information about a master budget, including:
- A master budget aggregates all lower-level budgets from a company's functional areas and includes budgeted financial statements, cash forecasts, and financing plans. It typically covers an entire fiscal year.
- Key components of a master budget include sales budgets, production budgets, expense budgets, overhead and production cost budgets, and budgeted financial statements.
- Management uses the master budget to plan and direct all aspects of a company's future operations, including sales, production, expenses, investments, and financing. It is the central planning tool that guides a company's strategic goals and resource allocation.
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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.
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The document provides information about a master budget, including:
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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.
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Budgeting is a systematic approach to planning for effective management by creating comprehensive financial plans for an organization's operations and resources over a specific future period. The main purposes of budgeting are to help attain management's objectives, communicate expectations, aid in detailed planning, and provide a basis for measuring and controlling activities. The key steps in preparing a budget include establishing budget centers and a committee, creating a budget manual, forming a budget committee, determining limiting factors, selecting a budget period and objectives, preparing forecasts, and finalizing the budget. Budgeting provides advantages like compelling planning, coordinating departments, establishing performance evaluations and communication, while limitations include potentially restricting creativity and requiring continuous adaptation.
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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.
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Bugetary control
- 1. Page 1 BUDGETARY CONTROL -An Introduction Dr.C.Rajalakshumi, Asst prof., VVV College, Virudhunagar.
- 2. Page 2
- 3. Page 3 BUDGETARY CONTROL Budgetary Control is a process for managers to set financial and performance goals with budgets, compare the actual results, and adjust performance, as it is needed. It helps planning, coordination between departments, decision-making, monitoring of operating results and motivation of personnel to achieve business objectives.
- 4. Page 4
- 5. Page 5 OBJECTIVES 1. Reallocation of Resources 2. Reducing inequalities in income and wealth 3. Economic Stability 4. Management of Public Enterprises 5. Economic Growth 6. Reducing regional disparities
- 6. Page 6
- 7. Page 7 ADVANTAGES OF BUDGETARY CONTROL 1. Maximization of Profits 2. coordination of departments 3. Specific Aims to reach the common goal 4. Tool for Measuring Performance of the concern 5. Economy in spending 6. Determination of weak spots 7. Corrective measures on discrepancy 8. Reduce the cost of production
- 8. Page 8 Limitations of Budgetary Control 1. Uncertain Future - predictions may not always come true 2. Budgetary Revision Required - prepared on the assumptions that certain conditions will prevail. 3. Discourage Efficient Persons - targets are given to every person in the organization 4. Problem in Coordination- one department affects the results of other departments. 5. Depends Upon Support of Top Management- a lack of support from top management then this system will collapse.
- 9. Page 9
- 11. Page 11 SALES BUDGET An estimate of future sales, often broken down into both units and currency. It is used to create company sales goals. A sales budget provides an estimate of the volume of goods and services that a company proposes to sell in a future period.
- 12. Page 12 PRODUCTION BUDGET an estimate of the number of units that must be manufactured to meet the sales goals. The production budget also estimates the various costs involved with manufacturing those units, including labour and material. Created by product-oriented companies.
- 13. Page 13 MATERIAL BUDGET Material budgeting refers to the procedure of preparing material or purchase budget in terms of quantity and money value of materials to be procured in a specified time period. Not only does it helps in estimating the material prices over a period of time, but also analyses the material requirement.
- 14. Page 14 PROCUREMENT BUDGET Procurement budgets typically provide managers with a specific value they can spend to procure the goods or services they need. The process of procurement is often a key part of a company's strategy because the ability to purchase certain materials or services can determine if operations will be profitable.