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Introduction to Budgetary Control, Cost Management Video Lecture | Cost Management - B Com
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FAQs on Introduction to Budgetary Control, Cost Management Video Lecture - Cost Management - B Com
| 1. What is budgetary control? |  |
Ans. Budgetary control is a process used by organizations to plan, monitor, and control their financial resources. It involves creating a budget, comparing actual results with the budgeted figures, and taking corrective actions to ensure financial objectives are met.
| 2. How does budgetary control help in cost management? | |
Ans. Budgetary control helps in cost management by providing a framework to monitor and control costs. It allows businesses to allocate resources efficiently, identify cost variances, and take necessary actions to reduce or eliminate wasteful spending. By comparing actual costs with budgeted costs, organizations can identify areas where costs can be reduced or optimized.
| 3. What are the benefits of budgetary control? | |
Ans. The benefits of budgetary control include:
- Improved financial planning and forecasting.
- Enhanced cost management and control.
- Increased accountability and responsibility among employees.
- Facilitates communication and coordination within the organization.
- Helps in identifying and addressing financial issues in a timely manner.
- Provides a basis for performance evaluation and goal setting.
| 4. How is budgetary control different from cost control? | |
Ans. Budgetary control is a broader concept that encompasses cost control. While budgetary control focuses on the overall financial planning and control process, cost control specifically deals with managing and reducing costs. Budgetary control involves creating budgets, monitoring actual results, and taking corrective actions, whereas cost control involves implementing strategies to reduce costs in specific areas of the organization.
| 5. What are the limitations of budgetary control? | |
Ans. The limitations of budgetary control include:
- Unrealistic budgeting assumptions may lead to inaccurate results.
- Lack of flexibility in budgets may hinder responsiveness to changing business conditions.
- Reliance on historical data for budgeting may not reflect future market trends.
- Budgetary control may lead to a rigid and bureaucratic organizational culture.
- Resistance from employees to adhere to budgetary constraints.
- Budgetary control may not be suitable for organizations with highly uncertain and volatile business environments.
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Nov 17, 2024 Last updated |
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