Need to change your career to Budgetary Control? Then we will offer you with all the essential entity for you to clear the interview in Budgetary Control jobs. With our jobs portal, you will find the number of jobs associated with you along with the Budgetary Control Interview Questions and Answers. There are numerous important companies that offer jobs in several roles like Management Analyst, Work Control Analyst, IT Support Specialist, Associate Project Control Analyst, Customer Support Engineer Analyst and many other roles too. To save the time in searching for all the topics related Budgetary Control on different websites we have provided you with all types of topics at one place. For more details please feel free to visit our site www.wisdomjobs.com.
Answer :
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:
Question 2. Do You Know What Is A Cash Budget? What Are The Different Methods To Prepare It?
Answer :
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:
Question 3. Can You Please Compare Fixed And Flexible Budgets?
Answer :
Question 4. Do You Know What Is A Production Budget? Why Is It Prepared?
Answer :
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.
Question 5. Explain Budget Manual?
Answer :
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.
Question 6. Explain Principles And Objectives Of The Budgetary Control?
Answer :
Question 7. What Is A Purchase Budget?
Answer :
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.
Question 8. What Things Are Considered Before Preparing A Purchase Budget?
Answer :
Following points are required to be considered before preparing the purchase budget:
Question 9. Explain What Is Budget? What Are Its Characteristics?
Answer :
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:
Question 10. Tell Me What Is What Factors Are Taken Into Consideration While Preparing It?
Answer :
Following factors are taken into consideration while forecasting for sales quantity:
Following factors are taken into account while forecasting for selling price:
Question 11. Do You Know What Are The Pre-requisites To Implement Budgetary Control?
Answer :
Following are the prerequisites to implement Budgetary Control:
Question 12. What Is Sales/marketing Budget?
Answer :
Question 13. Explain Finance Cash Budget?
Answer :
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.
Question 14. Explain Personnel Budget?
Answer :
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.
Budgetary Control Related Tutorials |
|
---|---|
SAP FICO Tutorial | Financial Management Tutorial |
Accounts and Finance for Managers Tutorial | Retail Management Tutorial |
Budgetary Control Practice Test
All rights reserved © 2020 Wisdom IT Services India Pvt. Ltd
Wisdomjobs.com is one of the best job search sites in India.