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Finance & Accounting
Pages 8 (2008 words)
The prime goal of every business entity is to maximize its earnings and minimize its expenses. Businesses utilize budgetary control measures to accomplish this goal.
Akin to all other business entities, the Worplestrop Partnership wants to develop an efficient costing and information systems for the management of their organization. This would necessitate the development of budgets, accomplishing responsibilities to achieve the goals, incessant evaluation of real performance with expected standard performance, taking counteractive actions if required in addition to revising the budgets. Assessment of the various product cost and budgetary control methodologies and systems The most commonly employed cost budgeting techniques and tools comprise of ‘strategic budgeting’ as well as ‘contingency and allowance budgeting’ (Owens, 2007). In the former technique, the management of the organization estimates the cost that might be incurred in their operational activities, however it is very difficult to accurately estimate the costs involved. The later cost budgeting technique ascertains that a suitable amount of finances is developed to provide accommodation for upcoming hazards or unforeseen expense rises. ...
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