Budgetary control is the process through which financial control is exercised within an organization by preparing budgets for income and expenditure in advance, comparing them with actual performance, and taking necessary actions on variances.
A responsibility centre is a designated section within an organization where costs and income are tracked and assigned to a specific manager. This assignment ensures accountability and efficient financial management.
A Stores Returns Note (SRN) is a document used to record the return of materials to the store or warehouse, often for reasons such as quality issues, over-ordering, or incorrect items delivered. It ensures accurate inventory management and financial accountability.
