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Essay / Research Paper Abstract
This 9 page paper assesses the value of budgets and budgetary controls, looking at how they are undertaken, the problems and the potential benefits that they facilitate. The bibliography cites 8 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEvalbudget1.rtf
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Unformatted sample text from the term paper:
need for a budget and the value of budgetary controls, businesses usually have an aim of making a profit, but even where there is a non-profit making organization there is
a need to control costs so that the organization can survive. So when looking at the way that budgeting and budgetary controls are implemented, with the time and cost associated
with them it is necessary to consider the way that these costs can be justified. In order to assess the value of budgets and budgetary controls the first stage
is to define what we mean by these terms and look at how they are applied then consider the value of the usage.
There are many different interpretations of these terms, but to find an all encompassing term it may be best to use a definition from a management accounting organisation.
The Institute of Cost Management Accountants describe a budget thus; "A financial and or/quantitative statement prepared prior to a defined period of time, of the policy to be pursued during
that period for the purpose of attaining a given objective. It may include income, expenditure and the employment of capital" (Chadwick, 2004). Therefore, we can see it is a predetermined
plan that is used to determine the way a business uses its resources. This will also need to be controlled. Budgetary control is described by the same organisation as; "The
establishment of budgets relating the responsibilities of the executives to the requirements of the policy, and by continuous comparison of actual with budgeted results either to secure by individual
action the objective of that policy or to provide a basis for its revision " (Chadwick, 2004). In any organisation it may be that the budget will include aspects such
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