0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Budgetary control system?
Budgetary Control concerns itself with the total costs for each department. Each variance is the responsibility of the official who is in charge of the department in which it arises. This official must then explain the cause of the variance and take to prevent its recurrence.
What are the major objectives of a cost accounting system in a manufacturing company?
A) To determine unit manufacturing costs and B) to provide managers with useful information for planning and cost control functions
6 Differentiate between Standard Costing and Budgetary Control?
Distinction Between Standard Costing And Budgetary ControlAlthough budgetary control and standard costing both are based on some common principles; both are pre-determined, comparison will be made with the actual costs and both system need a revision of the standards or the budget, these two systems have certain differences which are as follows: 1. Budgetary control deals with the operation of a department or the business as a whole in terms of revenue and expenditure. Standard costing is a system of costing which makes a comparison between standard costs of each product or service with its actual cost.2. Budgetary control covers as a whole in terms of revenue and expenditures such as purchases, sales, production, finance etc. Standard costing is related to a product and its cost only.3. Budgetary control is applicable to utmost all business organizations. Standard costing is applicable to manufacturing concerns producing standard products and services.4. Budgetary control is concerned with a specific period and is based on the totals of amounts. Standard costing is concerned with the standard costs, which are worked out generally per unit of production.5. Budgetary control is not based on standard costing system. Standard costing cannot exist in the absence of a budgetary control system.Posted Syeda Humaira Fatima
What are the five key control objectives in cash payment system?
No
What does the acronym BPCS stand for?
BPCS stands for Business Planning and Control System. Business Planning and Control System comprises software helpful for businesses in the manufacturing industry.
Define budgetary control and discuss the objectives of introducing a budgetary control system in your own organization What are the advantages and limitations of budgeting?
Methodical control of an organization's operations through establishment of standards and targets regarding income and expenditure, and a continuous monitoring and adjustment of performance against them is called Budgetary control.
What are the 5 key control objectives in cash payment system?
list 5 key control objectives in a cash payment system
What is a system of goal setting and implementation that involves a cycle of discussion review and evaluation of objectives among top and middle managers supervisors and employees?
objective planning management by objectives the thre step planning system cyclical objective analysis
Budgetary control system?
Budgetary Control concerns itself with the total costs for each department. Each variance is the responsibility of the official who is in charge of the department in which it arises. This official must then explain the cause of the variance and take to prevent its recurrence.
What are the 5 key control objectives in cash payments?
list 5 key control objectives in a cash payment system
What are the major objectives of a cost accounting system in a manufacturing company?
A) To determine unit manufacturing costs and B) to provide managers with useful information for planning and cost control functions
What are the five key control objectives in cash payment system?
No
6 Differentiate between Standard Costing and Budgetary Control?
Distinction Between Standard Costing And Budgetary ControlAlthough budgetary control and standard costing both are based on some common principles; both are pre-determined, comparison will be made with the actual costs and both system need a revision of the standards or the budget, these two systems have certain differences which are as follows: 1. Budgetary control deals with the operation of a department or the business as a whole in terms of revenue and expenditure. Standard costing is a system of costing which makes a comparison between standard costs of each product or service with its actual cost.2. Budgetary control covers as a whole in terms of revenue and expenditures such as purchases, sales, production, finance etc. Standard costing is related to a product and its cost only.3. Budgetary control is applicable to utmost all business organizations. Standard costing is applicable to manufacturing concerns producing standard products and services.4. Budgetary control is concerned with a specific period and is based on the totals of amounts. Standard costing is concerned with the standard costs, which are worked out generally per unit of production.5. Budgetary control is not based on standard costing system. Standard costing cannot exist in the absence of a budgetary control system.Posted Syeda Humaira Fatima
What does the acronym BPCS stand for?
BPCS stands for Business Planning and Control System. Business Planning and Control System comprises software helpful for businesses in the manufacturing industry.
Requirement of effective budget and budgetary control system?
An effective budget and budgetary control system requires clear and specific goals and objectives, accurate and reliable financial information, regular monitoring and evaluation of actual performance against budgeted targets, and timely and appropriate corrective actions. It also requires active engagement and participation of all stakeholders, effective communication and coordination, and a culture of accountability and responsibility throughout the organization.
How do you plan an accounting information system?
The first phase of systems development is the planning of the project. This entails determination of the scope and objectives of the project, the definition of project responsibilities, control requirements, project phases, project budgets,
Objectives of an internal control system?
An internal control system aides in ensuring financial statements are free from material misrepresentation and assets are sufficiently protected from misappropriation.
