Question 1

What is Budgetary Control?

Accepted Answer

Budgetary control is the process of managing and monitoring a business’s financial resources. It helps set a financial plan, track progress, and adjust for any unexpected changes to keep the business on course toward its financial goals.

Question 2

What is a Budgetary Control System?

Accepted Answer

A budgetary control system is a structured process that businesses use to manage finances. It involves creating budgets, monitoring actual performance, comparing results to budgeted targets, and taking corrective actions to ensure the financial objectives are met.

Question 3

What are the Main Types of Budgetary Control?

Accepted Answer

The main types of budgetary control include fixed budgeting, flexible budgeting, and rolling budgets. Each type helps organizations track and manage expenses differently, based on specific business needs and operational requirements.

Question 4

hat are the Steps in the Budgetary Control Process?

Accepted Answer

The key steps in the budgetary control process include setting financial goals, developing a budget, implementing the budget, tracking performance, and making adjustments when necessary. This ensures financial objectives are met efficiently.

Question 5

Why is Budgetary Control Important?

Accepted Answer

Budgetary control is important because it helps organizations stay on track with their finances. It allows businesses to monitor spending, adjust to changes, and ensure resources are allocated efficiently, ultimately helping to achieve financial goals.

what is budgetary control

What Is Budgetary Control? Meaning, Objectives, Types, and Process