Accounting (AS)·Budgets · NSSCAS 5.2.1
Budgets, budgetary control & the production budget
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Budgets turn a business's plans into numbers so managers can steer and stay in control. In this lesson you'll learn the uses and control function of budgets, their financial and non-financial advantages, the purpose of the sales budget, and how to prepare a production budget - a favourite of Paper 2, Cost and Management Accounting.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 5.2.1):
- explain the uses of budgets
- explain the control function of budgets
- explain the advantages of budgetary control, including both financial and non-financial factors
- explain the purpose of a sales budget
- prepare a production budget
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