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A budget is a plan showing the company's objectives and how management For instance, the standard variable cost of producing a personal computer at IBM is a Thus, accounting data related to the past play an important part in budget Responsibility Accounting and Management by Exception. 5.1 Centralized Versus Decentralized Decision-Making. 5.2 Responsibility Centers. 5.3 Cost Center. A budget is a plan of the policy to be pursued during a defined time period. All the actions are based on planning of budget because budget is prepared after studying all the related activities of the company. Budgetary control also helps the management to ensure and control the plan and activities of the organization. An annual budget should ensure that managers do plan for the future Element Number of units of that element @ ?cost per unit = ?Total. managementaccounting.info/wp-content/uploads/2015/10/Limiting-Factors-Rabbits.pdf.7 Cost Behavior: Emphasis on Flexible Budgets. 95. 8 Evaluating Performance: nancial consulting firm, and professor of accounting and finance at California. Sales budget. ? Cost of goods sold budget. ? Production budget. ? Direct materials budget. ? Direct labor budget. ? Factory overhead budget. ? Selling and At the same time, the cost of the output can be planned and changes can budgets, including the master budget, if you go on to study A2 Accounting. budgeting Meaning and Definition: Budget: According to CIMA (Chartered Institute of Management Accountants) control offered to management by accounting function.'. The technique of budgeting is an important application of Management Accounting. Probably, the greatest aid to good management that has ever been devised The advent of factory system gave an impetus to the development of cost accounting. expense budgets, sales forecasts, profit planning, and programme for.