Management Accounting 06/04/2023

Which of the following statements are true about budget, budgeting & budgetary control

• Budgeting is business estimates for future periods

• Budget is the process of preparing business estimates

• Budgetary control is the means to achieve performance on the basis of budget

• None of the above

Which of the following statements are true about budget, budgeting & budgetary control?

• Budgetary control is a wider concept whereas Budget and budgeting are narrower concepts

• If there is budgeting or budget, it is not necessary that there should be budgetary control also

• If there is budgetary control, budgeting and budget are must

• All of the above

According to George R. Terry, _________ may be described as a process of finding out what is being done and comparing actual results with the corresponding budget data in order to approve accomplishment.

• Budgetary control

• Budget

• Budgeting

• None of the above

The process of budgeting includes

• Preparation of budget

• Budget Control

• Budget co-ordination

• All of the above

Which of the following statements are true?

• Budget is prepared for an indefinite period

• Budget can be expressed in form of physical units

• It is no way related with the management plans and policies to be pursued in future

• It provides a base for measuring the success of expected results