After reading this article you will learn about:- 1. Meaning of Budgetary Control 2. Objectives of Budgetary Control 3. Merits 4. Limitations 5. Requisites 6. Classification. Meaning of Budgetary Control: The budgetary control is defined as the establishment of budget relating to the responsibility of executive to the requirement of a policy and the continuous comparison of actual with budgeted [...]
Definition of Budgetary Control: Welsch has defined budgetary control as "the use of budgets and budgeting reports throughout the period to coordinate, evaluate and control day-to-day operations in accordance with the goals specified by the budget." According to H.S. Wheldon, "By budgetary control, every items of actual cost is so controlled by vigilant supervision as to make it conform, as [...]
This article throws light upon the ten main types of budget used in an organisation. The types are: 1. Sales Budget 2. Cash Budget 3. Production Budget 4. Materials Budget 5. Labor Budget 6. Factory Overhead Budget 7. Distribution Overhead Budget 8. Administrative Overhead Budget 9. Master Budget 10. Fixed and Flexible Budget. Type # 1. Sales Budget: It includes [...]