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Budgetary control refers to a systematic approach of planning, coordinating, and controlling business activities through the preparation of budgets and continuous comparison of actual performance with budgeted figures. It is a managerial technique that uses budgets as tools to regulate operations and ensure that organizational objectives are achieved efficiently. In accounting and finance for managers, budgetary control plays a crucial role by translating managerial plans into quantitative terms, providing standards for performance, and enabling timely corrective action. It is not merely the preparation of budgets, but a comprehensive system that involves setting targets, monitoring results, analyzing variances, and taking decisions to improve future performance. The concept of budgetary control is based on the principle that planning and control are inseparable functions of management. A budget represents a detailed plan of action for a future period, expressed in monetary or quantitative terms. Budgetary control, therefore, involves the establishment of budgets relating to different functions of an organization such as sales, production, purchases, expenses, and finance, and the continuous comparison of actual results with these budgets. Any deviations between budgeted and actual figures are identified, analyzed, and reported to management so that responsibility can be fixed and corrective measures can be taken. The essence of budgetary control lies in management by exception, where attention is focused on significant variances rather than routine performance. Budgetary control assumes that organizational objectives are clearly defined and that _________ _____ ______ _____ ______.
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