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The objectives of a budgetary planning and control system include establishing financial targets and resource allocation to align with an organization's strategic goals, facilitating better decision-making through data-driven insights, and ensuring accountability by comparing actual performance against budgeted figures. Additionally, it helps in identifying variances and implementing corrective actions to optimize financial performance, thus promoting efficient utilization of resources. Overall, it enhances transparency and supports long-term financial stability.
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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
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.
Requirement of effective budget and budgetary control system?
Clearly define responsibility centresAppropriate control periods should be establishedBudgets and standards should be frequently reviewed and actual results are compared with appropriate standardsActual results should be compared with ex-post standardsA suitable system for measuring and collecting control information should be established
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,
Explain the advantages of using flexible budget as part of budgetary control system?
Flexible budgets offer several advantages in a budgetary control system, primarily by allowing organizations to adjust budget estimates based on actual activity levels. This adaptability helps in better performance evaluation by facilitating comparisons between actual results and a budget that reflects current operational conditions. Additionally, flexible budgets enhance resource allocation and operational planning, as they provide a more accurate basis for decision-making. Ultimately, they enable management to respond proactively to changes in business conditions, improving financial control and operational efficiency.
