Budgeting and Budgetary Control
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About this ebook
• How much is my income for the month?
• How much am I going to spend?
• Is there anything left over?
We call the overall budgeting process budgetary control; and the reason for using it is to help managers control the activities in their part of their organisation.
By the end of this book, we should all agree that budgeting is a necessity not a luxury.
Duncan Williamson
Duncan Williamson was one of the last, best-known of Scotland's traveller storytellers. The son, grandson and great grandson of nomadic tinsmiths, basket makers, pipers and storytellers, he became known as one of the world's finest oral story-tellers, with over 3,000 stories committed to memory. He died in November 2007.
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Budgeting and Budgetary Control - Duncan Williamson
Budgeting and Budgetary Control
Introduction and Definitions
Many of us prepare budgets on a personal as well as on a business level. We prepare budgets to help us to resolve issues surrounding such questions as:
How much is my income for the month?
How much am I going to spend?
Is there anything left over?
We call the overall budgeting process budgetary control; and the reason for using it is to help managers control the activities in their part of their organisation.
By the end of this module, we should all agree that budgeting is a necessity not a luxury.
Definitions
Let's define our key terms at the outset:
A budget is:
A plan expressed in terms of values and volumes and is prepared and approved before a budget period begins.