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Budgetary Control is establishment of budgets and the continuous comparison of actual results with the planned results. It computes the variances and after that management takes necessary actions to maintain favourable variations, through revision of the budgets.
Following are the requirements for the successful implementation of Budgetary Control:
Cash budget is the budget which is prepared under the finance budget. It is an estimation of the expected cash receipts and cash payments during the budget period. By preparing cash budget it becomes possible for the organisation to predict whether at any point of time there will be excess or shortage of cash. Two main points should be remembered before preparing cash budget: Time period of the cash budget and the items to be included in the cash budget.
Following methods are used to prepare cash budget:
Production budget is a forecast of production for the budget period. It is prepared from two angles: In terms of quantity and in terms of money.
Following budgets are prepared under the production budget:
Production budget is prepared after taking various budgets into consideration. For a proper estimation of various costs associated with the production process makes it important to prepare production budget for the period in which production will take place.
Budget Manual is a document which standardized methods and procedures required in relation to budgetary control. It also sets out the responsibility of persons engaged in the process.
Purchase budget is a forecast of quantity and value of materials required to purchase during the budget period. This budget is closely connected to the production budget.
Following points are required to be considered before preparing the purchase budget:
A budget is a financial document or an action plan which is prepared and used to project future income and expenses. It outlines an organisation’s financial and operational goals. It can also include nonmonetary information with the monetary information. They need to be made and approved in advance of the year in which they are to be used or implemented.
Following are the characteristics of a good budget:
Following factors are taken into consideration while forecasting for sales quantity:
Following factors are taken into account while forecasting for selling price:
Following are the prerequisites to implement Budgetary Control:
Finance Cash budget is the budget which is prepared under this functional area. It is an estimation of the expected cash receipts and cash payments during the budget period.
Personnel budget The budget which is prepared under this area takes the form of a personnel budget, which indicates the requirement of personnel or labour force to conform to the production budget.
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The Role And Objective Of Financial Management
The Domestic And International Financial Marketplace
Evaluation Of Financial Performance
Financial Planning And Forecasting
The Time Value Of Money
Risk And Return On At&t Common Stock
Fixed-income Securities: Characteristics And Valuation
Common Stock: Characteristics,valuation, And Issuance
Capital Budgeting And Cash Flow Analysis
Capital Budgeting: Decision Criteria And Real Option Considerations
Capital Budgeting And Risk
The Cost Of Capital
Capital Structure Concepts
Capital Structure Management In Practice
Working Capital Management
The Management Of Cash And Marketable Securities
Management Of Accounts Receivable And Inventories
Lease And Intermediate-term Financing
Financing With Derivatives
Internationan Financial Management
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