Explain process of financial control, Financial Management

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Financial Control: - The establishment as well as use of financial control devices is an important function of financial management. These devices comprise:

  • Budgetary Control
  • Cost Control
  • Ratio Analysis etc.

Process of Financial Control:-

  • Setting the standards
  • Measurement of genuine Performance
  • Comparison of genuine Performance with standards
  • Finding deviations as well as taking remedial actions.

 


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