Important Points for IC 89 - Management Accounting Exam
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Budgeting is a plan and process of designing, implementing, and operating on targets and controlling variances to complete the targets.
Budgetary control is defined by the Institute of Cost and Management Accountants as: The establishment of budgets relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results, either to secure by individual action the objective of that policy, or to provide a basis for its revision.
An organisation chart is a statement defining functional relationship, delegation of authority and responsibility and reporting system of executive and employees responsible for accomplishment of organisational goals and objectivies.
Budget centre refers to unit responsible for preparation of budgets and application of budgetary control.
A Budget Manual is a document which specifies set of instructions and guidelines governing roles and responsibilities of persons and the procedures, providing forms required for preparation and use of budgets.
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