BUDGET AND GUDGETARY CONTROL AS A MANAGERIAL TOOL IN AN ORGANIZATION
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LITERATURE REVIEW
2.1 INTRODUCTION
This chapter is devoted to the
review of relevant literature and contributions of several authors and
researchers to the area of budgeting. In this chapter, the historical
perspective and the basic principles of budgeting will be discussed.
Various definitions for a successful budget administration and budget
preparation process will be looked into. Also, to be discussed in the
principle budget factors, details of total periodic budget and budget
review as well as advantages and difficulties of budget, plus
definitions of key terms used in the study. Budgeting may be defined as
“financial and or quantitative statement prepared and approved prior to a
defined period of time, of the policy to be pursued during that period
for the purpose of attaining a given objective.
They may include
income, expenditure and the employment of capital” (I.C.M.A –
Terminology of the Institute of Cost and Management Accountant). “a
budget has also been defined as comprehensive and co-ordinate plan,
expressed in financial terms, for the operation and resources of an
enterprise for some specific period in the future (Fregman, J.M.
accounting for managerial analysis Home wood III, Richard Inc. 1973).
The basic elements of a budget are: It is a comprehensive and
co-ordinate plan It is expressed in financial terms It is a plan for the
firms operation and research It is a future plan for a specific period
It is a comprehensive plan in the sense that it’s activities and
operations are considered when it is prepared. It is a budget of the
enterprise as a whole.
Budgets are indeed prepared for various segments
of the enterprises as a whole. Budgets are indeed prepared for various
segments of the enterprise, but they are master budget (Ibid Pp.
256-259). Budget is always quantified in financial terms. Initially the
budget may be developed in terms varieties of quantities, but finally
they must be expressed in money. The budget is primarily focused on
attaining objectives and strategies. These can only be formulated within
the overall policy of the company. This means that budgeting derives
from corporate planning and should be regarded as a subject of corporate
planning corporate planning itself in essence of setting objectives and
defining and selecting strategies that will enable the company achieve
those objectives. (The association of certified accountant: management
accounting chart tutor limited (London 1981).
BUDGET AND GUDGETARY CONTROL AS A MANAGERIAL TOOL IN AN ORGANIZATION
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