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Question
How can the management of an organisation use the budgetary control system for planning and control?
Solution
- Budgetary control involves forecasting and planning activities ahead of time and comparing actual results to those projected.
- The Budgetary Control System helps organisations plan and control costs. The technique offers a structured approach to planning.
- A business strategy outlines specific actions to be taken over time. A budgetary control system establishes a plan for achieving a firm's objectives, coordinates actions across departments, and ensures optimal results for each function.
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