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Question:
(a) "Budgetary control comprises two distinct elements - Planning and Control''.
‘'A budget is a statement of what it is reasonable to believe can be made to happen''.
‘'A forecast is a statement of what is expected to happen''
Consider the above statements and explain the functions of a budgetary control system.
(b) In the public sector, the Medium Term Expenditure Framework (MTEF) is one of the approaches used to reform public expenditure planning and management processes enabling Governments to more clearly focus limited resources on achieving their objectives at both the national and sector levels, and improve the effectiveness and efficiency of expenditures.
A program budget is any budget that presents information on what ministries have done or expect to do with the money provided to them. It is designed to improve decision-making by providing better information on how well Government services meet the national community's needs.
(b) Explain what do you understand by Program Based Budgeting and describe how it works in the context of the Medium Term Expenditure Framework.
(c) List the advantages of program based budgeting
What is performance budgeting The concept of performance budgeting is used mainly in the government and public sector undertakings. It projects the government activities an
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The Work in Process account for Monty's Company contained the following entries: Work in Process Account Debit of $40,000 for direct raw materials Debit of $60,000 for direct labor
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Balanced Score Card This is a popular approach in current management thinking which consists of a variety of indicators both financial and non-financial. The balanced scorecard
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