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

Cost - terms used in cost accounting, Cost - Terms Used in Cost Accounting ...

Cost - Terms Used in Cost Accounting It measures the economic sacrifice created to achieve an organizations aims. For a product, cost represents the monetary measurement of re

Division operating income, All  transfer-pricing  methods  give  the  sim...

All  transfer-pricing  methods  give  the  similar division  operating  income.  Do  you  agree? Describe.

Assignment Choice #2: Accounting for Byproducts (Quantitativ, Pyramid Print...

Pyramid Printing Company is a printer of magazines and retail inserts. In addition, there are two joint products (food wrapping and book covers) and one byproduct (shipping-box ins

Accounting 561, Your organization (City Rehab) has been approached by an MC...

Your organization (City Rehab) has been approached by an MCO looking for an exclusive arrangement for the rehabilitation of its hip replacement patients. The MCO is aggressively po

Issues to consider when making decisions, Q. Issues to consider when making...

Q. Issues to consider when making decisions? At activity level A it can be seen from diagram that sales revenue line intersects the total cost line specifying that this is the

Explain the respective roles of the securities, Explain the respective role...

Explain the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?

Optimise manufacturing cost, Optimise Manufacturing Cost Of late it is...

Optimise Manufacturing Cost Of late it is perceived that in order to optimise manufacturing cost, a product might be designed and financed in one country; its material /compon

Cost and budget, #questionFrame-it Ltd is a manufacturer of metal picture f...

#questionFrame-it Ltd is a manufacturer of metal picture frames. The firm''s two product lines are designate S (small frames: 12 x18 cm) and L (large frames: 20 x 25 cm). The prima

Why is the statement of cash flows useful, Explain:- Q Why is the statem...

Explain:- Q Why is the statement of cash flows useful? Q. How is it possible for a company to suffer a net loss for a given year, yet produce a positive net cash flow from opera

Assumptions of cvp, Assumptions of CVP This chapter has given informati...

Assumptions of CVP This chapter has given information on how to apply CVP for the business analysis. Most of this analysis is keyed to the model of how profitability is impacte

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