Budgetary control

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Budgetary control is a system of controlling cost which includes preparation of Budgets coordinating the departments and establishing responsibilities comparing performance with budgeted and acting upon results to achieve the maximum profitable.

The process of budgetary control includes:

• Preparation of various budgets.
• Continuous comparison of actual performance with budgetary performance.
• Revision of budgets in the light of changed circumstances.

A system of budgetary control should not become rigid.

There should be enough scope of flexible individual initiative and drive. Budgetary control is an important device for making the organization an important tool for controlling costs and achieving the overall objectives.

Budgetary control serves 4 control purposes:

1. They help the manager’s co-ordinate resources;
2. They help define the standards needed in all control systems;
3. They provide clear and unambiguous guidelines about the organization’s resources and expectations, and
4. They facilitate performance evaluations of managers and units.

Objectives of Budgetary Control

An effective budgeting system plays a crucial role in the success of a business organization.

The budgeting system has the following objectives, which are of paramount importance in the overall efficiency and effectiveness of the business organization.

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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : Bachelor in Commerce
Course Code : BCOM
Subject Name : Management Theory
Subject Code : ECO 3
Year : 2022 2023