Steps in budgetary control, Financial Management

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STEPS IN BUDGETARY CONTROL

1. Quantification of plans in relation to sales, production, distribution and finance in terms of objectives and goals set by the management. That is, Prepare budgets for each section of organization.

2. Record real performance.

3. Compare actual & budgeted performances.

4. Remedial action to be taken if there is any dissimilarity.

5. Re-check budgets if necessary.

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