Budgetary planning and control - accounting techniques, Cost Accounting

Assignment Help:

Budgetary Planning and Control - Accounting Techniques

A budget is a   plan of action expressed in monetary terms. Therefore it is a quantified plan of what one intends to do.

All business must prepare a budget that is a document which has:

1. Quantify the strategy that management has decided to implement in order to achieve the business objectives for a future period. The budget will signify planned expenditure and income and may be analyzed to involve details for each product department and type;

2. Offer a base for control cycle; the control cycle is as given:

  • Establish the plan or budget
  • Measure real performance
  • Compare plan along with real performance
  • Take corrective action like required

 

3. Provide a mechanism via such management responsibility may be matched along with the budgetary information and assisted with the budgetary control cycle.


Related Discussions:- Budgetary planning and control - accounting techniques

Prepare the journal entries to record depreciation, Moore Corporation follo...

Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full

Example of abc system, Example of ABC System Assume an example, such t...

Example of ABC System Assume an example, such the cost pool for the ordering activity totaled of Ksh.100, 000 and such there were 10,000 orders the cost driver. Therefore all

role in negotiated transfer prices, Price and Cost   information  play...

Price and Cost   information  play  no  role  in  negotiated  transfer  prices.  Do  you  agree? Describe.

Capital, Capital We have seen previous in this section that the fundame...

Capital We have seen previous in this section that the fundamental accounting equality states as: Assets = liabilities + owners equity. From the illustration of balanc

Working capital, We have earlier explained working capital by total current...

We have earlier explained working capital by total current assets less current liabilities. It, in other words, implies that all the assets held through the business along with the

Process costing.., the following information relates to process 3 of a thre...

the following information relates to process 3 of a three stage production process for the month of january 2014. opening inventury 300 units comlete as to; material from proces

Explanation of the fixed cost line, A fixed cost is a cost which can't be e...

A fixed cost is a cost which can't be easily identified or related to a cost per unit or activity of any kind for example a cost which remains constant when production of a service

What is the net operating income, A manufacturing company that produces a s...

A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: selling price $140 units in begining in

Internal control activities regarding replacement purchases, Your firm is t...

Your firm is the auditor of Easy Hire Pty Ltd (Easy Hire).the company hires out equipment to industries such as construction, engineering & event management. It has 76 branches nat

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd