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

Calculate the cash flows for each alternative, A company is evaluating the ...

A company is evaluating the following lease or buy option. A four year lease with annual payments of $25,000 payable at the beginning of the year.The tax shield is available at

Combined cash - bank account- cash book, The following is a summary of a ca...

The following is a summary of a cash book for the year ended 31 April 2012 Payments                                              $              Receipts

Decision making cycle, Decision Making Cycle Steps in decision-making ...

Decision Making Cycle Steps in decision-making cycle are as: a) Clearly define the objective that is to be the focus of the decision. This is significant in order that the

Role of cost accounting in business management, Role of Cost Accounting in ...

Role of Cost Accounting in Business Management The system is a set of interdependent parts that together form a unitary whole such performs some functions. A number of sub sys

What was the cost of supplies cal farm, Cal Farms reported a supplies expen...

Cal Farms reported a supplies expense of $2,000,000 a year. The supplies amount decreased by 200,000 during the year to an ending balance of $400,000. What was the cost of supplies

Determine the original budget line , The state legislature has voted to dev...

The state legislature has voted to develop a grant-in-aid policy to try and induce local communities to devote more resources to improving their infrastructure. Town O = Has a

Compute overhead rate per hour, Reamer Company uses a predetermined overhea...

Reamer Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for next ye

What is callable preferred stock, What is callable preferred stock? Why do ...

What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what ty

Cost classification, #question.discuss the importance of cost classificatio...

#question.discuss the importance of cost classification to a business organisation?

Flexible budget, Flexible Budget Flexible budget is a budget that is d...

Flexible Budget Flexible budget is a budget that is designed to change in accordance along with the level of activity attained. It includes budgeting at various levels in anti

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