A control technique whereby actual results are compared with budgets.It helps to co-ordinate the activities of the organisation.Īn example would be an advertising budget or sales force budget.A formal statement of the financial resources set aside for carrying out specific activities in a given period of time.Like all management tools, the chapter highlights the need for detailed information, if the technique is to be used to its fullest advantage. It then goes on to look at the detail of budget construction and the use to which budgets can be put. The chapter looks at the concept of responsibility centres, and the advantages and disadvantages of budgetary control. Of all business activities, budgeting is one of the most important and, therefore, requires detailed attention.
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