Budgetary Control

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An Overview of the
Planning Process
1. Identify the objectives of the organization. Identify potential strategies. Evaluate alternative strategic options. Select course of action. Implement the long-term plan in the form of the annual budget. Monitor actual results. Respond to divergencies from plan.

 Budget is a type of plan Term budget derived from the French word
which means little bag or container of documents and accounts It is a plan expressed in monetary terms relating to a specific period of time A budget is effectively used for control purposes.

“A plan quantified in monetary terms prepared and approved prior to a defined period of time, usually showing planned income to be generated and/or expenditure to be incurred during the period and the capital to be employed to attain a given objective”

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