What is the primary purpose of budgetary control in an organization?

To set budgets for various departments

To control costs and achieve financial goals

To eliminate waste in production

Which of the following is NOT an objective of budgetary control?

To anticipate capital expenditure for the future

To eliminate waste and increase profitability

To determine the number of employees needed

To fix responsibilities within the organization

What is a key factor in the context of budgetary control?

A factor that influences all other budgets

A factor that determines the total budget allocation

A factor that is least important in budget preparation

A factor that affects only one department's budget

What does Zero Base Budgeting (ZBB) require managers to do?

Justify their entire budget requests from scratch

Automatically approve all budget requests

Use the previous year's budget as a baseline

Focus only on incremental budgeting

In the context of budgetary control, what does a budget centre refer to?

The location where budgets are prepared

A department or section for which a budget is prepared

The budget committee responsible for budget approval

The period for which a budget is valid

What is the primary purpose of a sales budget?

To develop a plan for future sales

What does a performance budget focus on in an organization?

Achieving specific performance objectives

Identifying waste in production

What is the main advantage of using Zero Base Budgeting (ZBB)?

It reduces paperwork and administration

It automatically approves all budget requests

It motivates managers to find cost-effective solutions

It relies on previous year's budgets for guidance

What is the purpose of a budget manual in the budgetary control process?

To specify relations among various functionaries

To provide financial data for budget preparation

To track actual expenses compared to budgeted figures

To determine the allocation of resources

How does budgetary control help in an organization's decision-making process?

By automatically approving all budget requests

By eliminating the need for budget committees

By providing a systematic method for evaluating performance

By relying on historical data for budget preparation

Budgetary Control Free MCQ Practice Test with Solutions

	Cost Management 48 videos\|51 docs\|17 tests

	Cost Management 48 videos\|51 docs\|17 tests

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