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Facts And Figures Essay

2360 words - 10 pages

MASTER MINDS - QUALITY EDUCATION BEYOND YOUR IMAGINATION

8. BUDGETARY CONTROL
1. DEFINE THE TERM BUDGET.

Definition: Budget is a financial and /or quantitative statement, prepared and approved prior to a
defined Period of time of the policy to be pursued during that period for the purpose of attaining a given objective. It may include income, expenditure and employment of capital.

Features: 
1.  2.  3.  4.  Financial and/or Quantitative Statement.  Futuristic ­ prepared and approved prior to a defined period of time.  Goal Oriented ­ for the purpose of attaining a given objective.  Components ­ Income, Expenditure and Employment of Capital.

2. WHAT ARE THE OBJECTIVES OF ...view middle of the document...

2. Salient features: a. Objectives: Determining the objectives to be achieved, over the budget period, and the policy (ies) that might be adopted for the achievement of these ends. b. Activities: Determining the variety of activities that should be undertaken for achievement of the objectives. c. Plans: Drawing up a plan or a scheme of operation in respect of each class of activity, in physical a well as monetary terms for the full budget period and its parts. d. Performance Evaluation: Laying out a system of comparison of actual performance by each person section or department with the relevant budget and determination of causes for the discrepancies, if any. e. Control Action: Ensuring that when the plans are not achieved, corrective action are taken; and when corrective actions are not possible, ensuring that the plans are revised and objective achieved

Budgetary Control_____________________________________________8.1

MASTER MINDS - QUALITY EDUCATION BEYOND YOUR IMAGINATION
4. WHAT ARE THE OBJECTIVES OF BUDGETARY CONTROL SYSTEM? The objectives of a Budgetary Control System are ­ 1. Definition of Goals: Portraying with precision, the overall aims of the business and determining targets of performance for each section or department of the business. 2. Defining Responsibilities: Laying down the responsibilities of each individual so that everyone knows what is expected of him and how he will be judged. 3. Basis for Performance Evaluation: Providing basis for the comparison of actual performance with the predetermined targets and investigation of deviation, if any, of actual performance and expenses from the budgeted figures. It helps to take timely corrective measures. 4. Optimum use of Resources: Ensuring the best use of all available resources to maximize profit or production, subject to the limiting factors. 5. Co­ordination: Coordinating the various activities of the business and centralizing control, but also making a facility for the Management to decentralize responsibility and delegate authority. 6. Planned action: Engendering a spirit of careful forethought, assessment of what is possible and an attempt at it. It leads to dynamism without recklessness. It also helps to draw up long range plans with a fair measure of accuracy. 7. Basis for policy: Providing a basis for revision of current and future policies. 5. WHAT ARE THE DISADVANTAGES/LIMITATIONS OF THE BUDGETARY CONTROL SYSTEM? 1. Estimates: Budgets may or may not be true, as they are based on estimates. The assumptions about future events may or may not actually happen. 2. Rigidity: Budgets are considered as rigid document. Too much emphasis on budgets may affect day­today operations and ignores the dynamic state of organizational functioning. 3. False Sense of Security: Mere budgeting cannot lead to profitability. Budgets cannot be executed automatically. It may create a false sense of security that everything has been taken care of in the budgets. 4. Lack of...

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