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Budget and Budgetary Controls Assignment Help
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The Chartered Institute of Management Accountants, London, (terminology) defines a budget as “a plan expressed in money. It is prepared and approved prior to the budget period and may show income, expenditure and the capital to be employed. May be drawn up showing incremental effects on former budgeted or actual figures, or be compiled by zero-based budgeting.”
A budget thus is a precise statement of the financial and quantitative implications of the course of action that management has decided to follow in the immediate next period of time which is usually a year.
Budget statement is expressed in monetary and / or in terms of measurement of units prepared for facilitating decision making by the management. It is prepared before the period to which it relates. It is prepared for a future period.
Budgetary control is intimately connected with budgets. The Chartered Institute of Management Accountants, London defines Budgetary Control as “the establishment of budgets, relating the responsibilities of executive to the requirements of a policy and the continuous comparison of actual with budgeted results either to secure by individual action the objectives of that policy or to provide a firm basis for its revision.”
In order to be successful a budgetary control system, it is essential that a separate department for budget preparation, budget maintenance and budget administration is established. The budgetary control organization is run by a top executive known as the Budget Director, or budget Office, who may have under him a budget Committee constituted with the representatives of various department like purchases, sale, production, development, administration and accounts.
Budgets or budgetary control is not something unbending or strait-jacket. It is one of the systems whereby dynamism is infused into an organization through the process of targets. Classification of Budgets is on the basis of (i) the coverage or scope they encompass i.e Functional Budget and Master Budget (ii) the capacity or efficiency to which they are related i.e. Fixed Budget and Flexible Budget (iii) the conditions on which they are based i.e Basic Budget and Current Budget and (iv) the periods which they cover i.e Long Period Budget and Short Period Budget.
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