1. Standard Costing And Budgetary Cost
... results, a budget provides a wide array of target conditions with which management can compare actual results to test whether remedial action is necessary. Reasonably frequent comparisons of budgeted and actual operating data are sound operating procedures. This is of course, provides a natural base for the application of management by exception principles. A budget provides a plan for ... than expected? This is when budgetary control comes into picture. Any controlling system has three basic parts: a predetermined or standard performance level, a measure of actual performance, and a com...
- Word Count: 1334
- Approx Pages: 5
- Grade Level: Undergraduate