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Question:
(a) "Budgetary control comprises two distinct elements - Planning and Control''.
‘'A budget is a statement of what it is reasonable to believe can be made to happen''.
‘'A forecast is a statement of what is expected to happen''
Consider the above statements and explain the functions of a budgetary control system.
(b) In the public sector, the Medium Term Expenditure Framework (MTEF) is one of the approaches used to reform public expenditure planning and management processes enabling Governments to more clearly focus limited resources on achieving their objectives at both the national and sector levels, and improve the effectiveness and efficiency of expenditures.
A program budget is any budget that presents information on what ministries have done or expect to do with the money provided to them. It is designed to improve decision-making by providing better information on how well Government services meet the national community's needs.
(b) Explain what do you understand by Program Based Budgeting and describe how it works in the context of the Medium Term Expenditure Framework.
(c) List the advantages of program based budgeting
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Why might managers favour this ABC system instead of the older system that allocated all MOH costs on the basis of direct? labour?
After going through this section, you must be capable to: Know the need for establishing sound credit policy; Identify the different credit policy variables; Know the cred
What is the Responsibility of operating budget when the operating budget of a firm is constructed in terms of responsibility areas it is called the responsibility budget shows
identify and explain the many classification of costs for planning, control.performance evaluation and decision making.
Objectives of ratio analysis 1) Measuring the profitability: we can measure the profitability of the business by calculation gross profit net profit expenses ratio and other.
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