Important Points for IC 89 - Management Accounting Exam
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A budget centre may encompass several cost ceners functioning with responsibilities to achieve the targeted revenue collection, maintain work within targeted costs and make target profit during the budget period.
To coordinate and line up the various functions of Budget committee in preparation of budget and fixing budgetary limits for various heads or centers, there should be a responsible person called budget officer or budget controller who will provide data and information to all functional centers and budget committee.
Fund flow statement is a statement of sources and application of funds, showing the analysis of changes in the financial positions of an enterprise between two financial periods or balance sheet dates.
Flow of funds means transfer of economic values from one asset to another or a liability.
Fund also means working capital, which is excess of current assets over current liabilities.
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