Financial Management LET US SUM UP - Accounts and Finance for Managers

Budgeting is the course involved in the preparation of budget of an activity. Budgetary control contains two different processes one is the preparation of the budget and another one is the control of the prepared budget. "Budgetary control is a system which uses budgets as a mans of planning and controlling all aspects of producing and/or selling commodities and services". Cash budget can be prepared in three different ways:

  1. Receipts and payments method
  2. Adjusted profit and loss account
  3. Balance Sheet Method

Fixed Budget is a budget known as constant budget, never registers the changes in the preparation of a budget, being prepared for irrespective level of output or production.

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