Explain principles of budgetary control

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Question - Explain below principles of budgetary control with 1-2 sentences

i. Establish a plan or target of performance which coordinates all the activities of the business.

ii. Record the actual performance.

iii. Compare the actual performance with that planned.

iv. Calculate the differences or variances, and analyse the reasons for them.

v. Proper action is to be taken immediately to remedy the situation.

Reference no: EM133177747

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