Budgetary Control

What is Budget: A formal statement of the financial resources set aside for carrying out specific activities in a given period of time. A budget is prepared for the effective utilization of resources.  It is based on the implementations of a forecast and related to planned events. Meaning of Budgeting: Budgeting is basically implementation of budget. What is Budgetary … Read more

Difference between Fixed Budget and Flexible Budget

The following are the main difference between fixed and flexible budget Difference between Fixed Budget and Flexible Budget Fixed Budget Flexible Budget Fixed budget is inflexible and does not change with the actual volume of output achieved. Flexible budget can be suitably recasted quickly according to level of activity attained. Fixed budget assumes that conditions would remain … Read more

Difference between Budget and Forecast

Budgeting and Forecasting are two important constituents of managerial decision making process and refer to the anticipated actions and events in a specified future period but still there are wide differences between both as given below: Difference between Budget and Forecast Budget Forecast Budget relates to planned events i.e. the policy and programming to be … Read more