Cost Accounting

Budgetary control ideally involves the following steps:

1. The creation of budget centres.
2. The introduction of adequate accounting records.
3. The preparation of organization charts.

This defines the functional responsibilities of each member of management.

4. The establishment of a budget committee:

It will consist of operating and financial managers, who will be required to review, discuss and co-ordinate business activities. The main function of this committee involves

1. To issue instructions regarding budget requirements, deadline dates for the receipt of budgets e.t.c.
2. Draw up the budget preparation timetable. It takes the form of network analysis whereby some activities are preceded by some others.
3. To define the general policies of management in relation to the budget.
4. Checking initial draft and problems considered. Limiting factors are usually considered.
5. Ensuring that the budgets are synchronized within the boundaries of available resources.
6. To analyze comparison of budgets and actual results and to recommend corrective action where necessary.
7. Review of budgets.
8. Prepare the master budget after functional budgets have been prepared.

The preparation of a budget manual. This is a document, which sets out the responsibilities of the persons engaged in the routing of, and the forms and records required for budgeting control. Such manual will provide such information as:

• Description of the system and its objectives.
• Definition of the responsibilities and duties.
• Reports and statements required for each budget period.
• Deadline dates by which data are to be submitted.

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