📝 One-liners · 65 cards
Budget & Budgetary Control Part 1 Ques
What is a budget in the context of financial management?
A budget is a formal written statement of management's plans for a specified future period, expressed in financial terms, covering revenues, expenses, and capital requirements.
What is the primary purpose of preparing a budget in an organisation?
To plan and control financial resources for a period.
What is budgetary control?
Budgetary control is the process of establishing budgets, recording actual performance, and comparing actual results with budgeted figures to take corrective action where necessary.
What is meant by the term 'budget centre'?
A section of an organisation for which a budget is prepared.
🔒
Unlock 65 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for Budget & Budgetary Control Part 1 Ques.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days