A budget is a quantitative plan for acquiring and using resources over a specified period. Individuals often create household budgets that balance their income and expenditures for food, clothing, housing, and so on while providing for some savings. Once the budget is established, actual spending is compared to the budget to make sure the plan…
Budgetary Control is a means of control in which the actual results are compared with the budgeted results so that appropriate action may be taken about any deviations between the two. What is Budgetary Control? Budgetary control is a system of controlling cost which includes preparation of Budgets coordinating the departments and establishing responsibilities comparing…
Income Statement shows net profit or net loss arising out of activities of a particular accounting period of any business organization. Income statements are 2 types, Single-step income statement and Multiple-step income statement for finding net profit or loss an accounting period.