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Budget, Budgeting and Budgetary Control – Part 3!

Budget, Budgeting and Budgetary Control

A budget is a precise statement of the financial and quantitative implications of the course of action that management has decided to follow in the immediate next period of time (usually a year). Budgetary control is the establishment of budgets, relating the responsibilities of executive to the requirements of a policy and the continuous comparison of actual with budgeted results either to secure by individual action the objectives of that policy or to provide a firm basis for its revision. Budget manual is a document which sets out the responsibilities of the persons engaged in the routine of and the forms and records required for budgetary control.

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