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BUDGET AND BUDGETARY CONTROL
What is a budget in the context of banking and financial management?
A budget is a formal financial plan expressed in quantitative terms for a defined future period, outlining expected revenues, expenditures, and resource allocations to achieve organisational goals.
What is the meaning of 'budget period' in budgetary control?
The time span for which a budget is prepared and enforced.
What is budgetary control?
Budgetary control is a system of management control where actual performance is compared against budgeted figures, and corrective action is taken to address variances to ensure organisational objectives are met.
What is a material (purchase) budget?
A budget estimating raw material quantities and costs needed for production.
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