24 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

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ACC 212: PRINCIPLES OF ACCOUNTING CHAPTER 24: Budgetary Control and Responsibility Accounting PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 24-2 1.1 Describe the concept of budgetary control. 1.2 Distinguish the difference between static and flexible budgets. 1.3 Be able to explain what is meant by management by exception. 24: Budgetary Control and Responsibility Accounting Course Competencies 1. The Concept of Budgetary Control 2. Responsibility Accounting 2.1 Describe the concept of responsibility accounting. 2.2 Distinguish between controllable and non- controllable costs. 2.3 Describe the three types of responsibility centers.
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Chapter 24-3 The Concept of Budgetary Control The use of budgets in controlling operations is known as budgetary control. Companies use budget reports that compare actual results with planned objectives. Budget reports provide management with feedback on operations. Management can compare budget to actual figures and determine the causes for any differences. These reports are prepared as frequently as needed Develop Budget Analyze difference b/w Take corrective action Modify future plans Budgetary Control Activities 1.1 Describe the concept of budgetary control.
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24 - Presentation Deck - ACC 212: PRINCIPLES OF ACCOUNTING...

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