Budgetary Control within a Business Environment

Overview

Framework:
RQF
Level:
Level 1
Unit No:
T/504/9358
Credits:
3
Guided learning hours:
27 hours

Assessment Guidance

N/A

Unit Learning Outcomes

1

Know about budgets.

Assessment Criteria

  • 1.1
    Define the term budget.
  • 1.2
    Identify the purpose of a budget.
  • 1.3
    Indicate what can be included within a budget.
  • 1.4
    Describe the differences between objectives budgets and flexible budgets.
  • 1.5
    Describe the differences between capital and operating budgets.
2

Know about budgetary control.

Assessment Criteria

  • 2.1
    Indicate what the control of budgets entails.
  • 2.2
    List the benefits of budgetary control.
  • 2.3
    List the problems with budgetary control.
  • 2.4
    Define the term 'variance analysis'.
3

Know how budgeting fits into the management process.

Assessment Criteria

  • 3.1
    Outline the contributions that budgeting can make to the management process.
  • 3.2
    Define the term 'cost centre'.
  • 3.3
    Define the term 'profit centre'.
  • 3.4
    Define the term 'investment centre'.