Steps in installation of Management Accounting System The following steps have to be taken by the top management to install efficient and effective Management Accounting System. 1. Preparation
The functions of management accountant depend upon his status in the organization, agreement with the organization, experience and capacity of the management accountant. On this basis, the functions
Meaning of Inter-Firm Comparison Inter firm comparison means a comparison of two or more similar business units with the objective of finding the competitive position to improve the
Understanding Sales budget In every organization, sales budget is the principal budget. Hence, all other budgets are prepared on the basis of sales budget. The sales budget is
What are the elements of successful budgeting? The following elements are necessary for successful budgeting. 1. Accurate Forecasting The business activities may be forecasted accurately to some extent.
Understanding Budget Period Before preparing a budget, the organization should decide the budget period. The budgeting must be related to a specific period of time. There is no
Understanding Cash Budget The other name of cash budget is finance budget. This budget is the most important of all the functional budgets. But, this budget is prepared
What is a Budget Manual? Budget manual is a small booklet that contains the details relating to budgeting organization and procedure. While implementing budgets, some forms are necessary.
What is a Budget Committee? Budget committee is one which prepares the budget and is fully responsible for the implementation of budgets. Moreover, the budget committee also exercises
Who is a Budget Officer? Budget Officer is a head of Budgetary Control Organization. He/she may be otherwise called as the Budget Director or Budget Controller. He/She receives