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BUDGETS BUDGETARY CONTROL
What is a budget in the context of banking and financial management?
A budget is a formal quantitative statement of planned revenues, expenditures, and resources for a future period, expressed in monetary terms, used to guide management decisions.
What is the main purpose of preparing a budget in an organisation?
To plan and coordinate financial activities towards set goals.
What is budgetary control?
Budgetary control is a system of management control where actual results are compared with budgeted figures and corrective action is taken to ensure targets are achieved.
What does a purchase budget estimate?
Estimated quantity and cost of materials to be purchased.
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