(a) Budgetary controls have been likened to a system of thermostatic control. (i) In what respects is...
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(a) Budgetary controls have been likened to a system of thermostatic control.
(i) In what respects is the analogy inappropriate?
(10 marks)
(ii) What are the matters raised in
(a) (i) above that need to be considered when setting a structure for an effective budgetary control system? (8 marks)
(b) Describe the pre-conditions which should exist if budget variance analysis is to be of value to an organization.
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