Budget and budgetary control are the two most important aspects of any business. The budgetary control acts as a complimentary aspect to budget and works and at hand. Budget can e termed as an accounting principle, whereby, a business and its members, try to establish the style of activities of a business during a span of time, with respect to the past experience. Budgets, comes up various figures associated with sales, purchase etc. and sets forward a body of reference in front of its employees and other people. Thus, it helps an organization to keep a check on its present activities with regards to budget thus provided, which check in words can be termed as budgetary control.
Budgets, by explanation, have to be prepared beforehand; and for that reason, often referred to as the feed onward system.
Main
