B Com Exam > B Com Videos > Cost Accounting > Performance Budget - Budgetary Control, Cost Accounting
Performance Budget - Budgetary Control, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Performance Budget - Budgetary Control, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is a performance budget? |  |
Ans. A performance budget is a budgeting technique that focuses on the outcomes and results of the organization's activities. It sets specific targets and measures performance based on achieving those targets. This type of budget emphasizes the efficient allocation of resources and the evaluation of the organization's performance in achieving its objectives.
| 2. How does budgetary control relate to performance budgeting? | |
Ans. Budgetary control is a process that involves comparing actual performance with planned performance, identifying variances, and taking corrective actions. In the context of performance budgeting, budgetary control plays a crucial role in monitoring the organization's performance against the targets set in the performance budget. It ensures that the organization stays on track and takes necessary actions to achieve the desired outcomes.
| 3. What is the significance of cost accounting in performance budgeting? | |
Ans. Cost accounting provides crucial information about the costs associated with different activities, products, or services of the organization. In performance budgeting, cost accounting helps in determining the costs of various performance measures and activities. It helps in identifying the cost drivers, analyzing cost behavior, and making informed decisions about resource allocation and performance improvement strategies.
| 4. How can performance budgeting help improve organizational efficiency? | |
Ans. Performance budgeting encourages organizations to set specific targets and measure their performance against those targets. This focus on outcomes and results helps in identifying areas of improvement and inefficiencies within the organization. By monitoring performance and taking corrective actions, performance budgeting facilitates the allocation of resources in a more efficient and effective manner, leading to improved organizational efficiency.
| 5. What are the key challenges in implementing performance budgeting? | |
Ans. Implementing performance budgeting can pose several challenges for organizations. These challenges include resistance to change from employees, lack of accurate performance data, difficulty in setting realistic targets, and the need for effective performance measurement systems. Additionally, performance budgeting requires strong leadership and commitment from top management to drive the cultural and operational changes necessary for its successful implementation.
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Nov 15, 2024 Last updated |
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