Planning is the essence of management. There is no fixed formula or method for planning. It is carried out as per the need of the organisation. For ready execution and better results step by step approach to a planning process is considered to be a good technique. Some of the steps involved in the process of planning are as follows: [...]
The following points highlight the types of budgets used in accounting. The types are: 1. Sales Budget 2. Production Budget 3. Materials Budget 4. Labour Budget 5. Overhead Budget 6. Research and Development Budget 7. Capital Expenditure Budget 8. Cash Budget 9. Master Budget 10. Flexible Budget. Type # 1. Sales Budget: In the budgeting process, sales is a starting [...]
In this article we will discuss about:- 1. Meaning and Definition of Budgetary Control 2. Objectives of Budgetary Control 3. Essentials 4. Advantages 5. Limitations. Meaning and Definition of Budgetary Control: Budgetary control is the process of preparation of budgets for various activities and comparing the budgeted figures for arriving at deviations if any, which are to be eliminated in [...]