B Com Exam > B Com Videos > Cost Management > Introduction to Budgetary Control, Cost Management
Introduction to Budgetary Control, Cost Management Video Lecture | Cost Management - B Com
|
48 videos|51 docs|17 tests
|
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.
Related Exams
About this Video
|
4.65/5 Rating |
|
Nov 17, 2024 Last updated |
Video Description: Introduction to Budgetary Control, Cost Management for B Com 2024 is part of Cost Management preparation.
The notes and questions for Introduction to Budgetary Control, Cost Management have been prepared according to the B Com exam syllabus.
Information about Introduction to Budgetary Control, Cost Management covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Introduction to Budgetary Control, Cost Management.
Introduction of Introduction to Budgetary Control, Cost Management in English is available as part of our Cost Management for B Com & Introduction to Budgetary Control, Cost Management in
Hindi for Cost Management course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Introduction to Budgetary Control, Cost Management Video Lecture | Cost Management - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Cost Management.
Information about Introduction to Budgetary Control, Cost Management
Here you can find the meaning of Introduction to Budgetary Control, Cost Management defined & explained in the simplest way possible.
Besides explaining types of Introduction to Budgetary Control, Cost Management theory, EduRev gives you an ample number of questions to practice Introduction to Budgetary Control, Cost Management tests,
examples and also practice B Com tests.
|
48 videos|51 docs|17 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Previous Year Questions with Solutions
,practice quizzes
,past year papers
,Sample Paper
,MCQs
,Cost Management Video Lecture | Cost Management - B Com
,Introduction to Budgetary Control
,shortcuts and tricks
,video lectures
,Objective type Questions
,Important questions
,Extra Questions
,Free
,Introduction to Budgetary Control
,Semester Notes
,study material
,Exam
,Viva Questions
,Cost Management Video Lecture | Cost Management - B Com
,Summary
,Cost Management Video Lecture | Cost Management - B Com
,Introduction to Budgetary Control
,mock tests for examination
,ppt
;
Study Introduction to Budgetary Control, Cost Management on the App
Students of B Com can study Introduction to Budgetary Control, Cost Management alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Introduction to Budgetary Control, Cost Management,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Introduction to Budgetary Control, Cost Management is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup