Which one is not a feature of budgetary control ?
A statement of budget and forecasts.
A budget is a plan expressed in figures; budgetary control is the process of preparing budgets, assigning them to responsible executives, continually comparing actual results with budgeted figures and taking corrective action (CIMA definition).
It is a tool for management control because variances signal where action is needed.
It is an instrument of delegation, as each budget centre manager is given authority and responsibility for a part of the plan.
It evaluates overall performance by measuring actual results against agreed targets.
A mere statement of budgets and forecasts describes the budget document or a forecast, not the control process built around it, so it is not a feature of budgetary control.
Hence, A statement of budget and forecasts.
Important Questions from Cost and Management Accounting
Match List I with List II
List I
(Type of Costing)
List II
(Description)
A. Marginal Costing I. Integrated approach to determine product features, product price, product costs and product design that helps ensure a company to earn reasonable profit on new products. B. ABC Costing II. The amount of any given volume of output by which the aggregate costs are changed if the volume of output is increased by one unit. C. Target Costing III. Used when identical units are produced through an on-going series of production steps. D. Process Costing IV. Costing system in which costs being with tracing of activities and then to producing the product. Choose the correct answer from the options given below:
Which one of the following is PV ratio for the company?
Which one of the following is the break-even point in units for the company?
Which one of the following is the break-even point in terms of rupees?
Which one of the following is desired sales volume in units to earn a profit of Rs. 60,000?
