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State Budgetary Control
A budget is a quantitative expression of a plan of action relating to the forthcoming budget period. It represents a written operational plan of management for the budget period. It is always expressed in terms of money and quantity. It is the policy to be followed during the budget period for attainment of specified organizational objectives.
The essential features of a budget are:
(a) financial and quantitative statement of the action plan,
(b) laid down prior to the budget period during which it is followed,
(c) based on management's policy and (d) prepared for specified objective.
According to CIMA terminology, a budget a plan expressed in money. It is prepared and approved period to the budget period and may show income expenditure and the capital to be employed. May be drawn up showing incremental effects on former budgeted or actual figures or be compiled by zero based budgeting.
Controlling material flow Figure below outlines the progressive stages in purchasing, issuing and recording materials in a manufacturing concern. An efficient system of docume
what is management
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Difficulties in cost reduction 1) Resistance by employees to pressure to reduce cost usually because the nature and purpose of the campaign has not been properly explained to t
Question: (a) The demand for the output of a certain company is very elastic and modern plant recently installed is capable of greatly increased production. Output at present
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Imposed Budgets In this approach to budgeting, top management prepares a budget with little or no help from operating personnel, which is then obligatory upon the employees who
The other source of spontaneous short-term financing is the accrued expenses which arise by the general conduct of business. An accrued expense is an expense which has been incurre
John Doe, MD A Business Simulation This simulation covers the transactions completed by John Doe, MD, a medical service business, which began on July 1 of the current year. Dr. D
Implementation of the Decisions Once alternative courses of action have been chosen, they must be implemented as part of the budgeting procedure. The budget is a financial plan
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