After studying this chapter you should be able to:
Understand the meaning of budget, budgeting and budgetary control,
Enlist the salient features of budgetary control.
Know the advantages and disadvantages of budgetary control.
Know the pre-requisites of installing a budgetary control system.
Prepare different types of budgets.
Distinguish between flexible and fixed budgeting.
Understand the importance of flexible budgeting.
Compute accounting ratios.
Know the importance of responsibility centres and responsibility accounting.
Understand the significance of performance budgeting.
Know the concept of zero-based budgeting and its features.
Prepare the maser budget.
Explain the meaning of some important ...