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A budget is comprehensive business plan expressed in quantitative form which is prepared in advance for achieving a given objective within a definite period of time. It is developed with the aim to make an effective utilisation of resources and for the recognition of the…
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Extract of sample "Budgetary control" URGENT MUST SEE A REAL TOPIC IN DETAILS SECTION"

Download file to see previous pages Budgetary control is part of overall organisation control and is concerned primarily with the control of performance (Abdel, 2011). The use of budgetary control in performance management has of late earned greater importance especially as an integrative control mechanism for the organisation. The purpose of this thesis is to analyze the role of budgetary control in performance management, organisational control and as an integrative control mechanism within an organization.
According to Chartered Institute of Management Accountants (CIMA), London, budgetary control refers to establishment of budgets for the continuous comparison of actual with the budgeted information for achieving the goals and recording the deviation and conducting a revision of budgets under the fresh circumstances (Ray, 2009). Planning, Coordination, Communication and Control are the primary objectives of budgetary control. Planning involves preparing a table of action for a business over a specified period of time. Coordination refers to synchronization or bringing together of different activities of a company or an organization to ensure cooperation of all the concerned towards the common goal. Communication as an objective of budgetary control refers to informing the budget to the concerned about what is expected of them to accomplish (Abdel, 2011).
The budget which is approved contains all the plans of the management regarding the future course of action which are communicated to the concerned departments. The departments follow the approved budget and are expected to adhere to it for the specified period. Control refers to process, necessary to bring the performance according to the original plan. Control is possible with pre-determined standards laid down in the budget. To enable budgetary control a continuous comparison of real performance with that of budget is maintained to find out the ...Download file to see next pagesRead More
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