Budgetary Control

Chartered Institute of Management

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Chartered Institute of Management
Accountants (CIMA)- London

A budget is a predetermined statement of management policy during a given period which provides a standard for comparison with the results actually achieved”.
Brown and Howard

Characteristics of Budget
 A budget is primarily a planning and control devices A budget is prepared in monetary terms and or quantitative terms A budget is prepared fora definite future period It shows planned income and expenditure and also the capital to be employed Purpose of a budget is to implement the policies formulated by management for attaining the given objectives.

 The act of preparing budgets is called budgeting.
“The entire process of preparing the budget is known as Budgeting”.

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