Budgeting as a Control Mechanism

Marina Guzik

Chapter Chapter 10 in CFO Techniques, 2011, pp 77-83 from Springer

Abstract: Abstract Budgets have always been essential for any effective internal control system. Governments, nonprofits, and many for-profit organizations place budgets among most significant policy documents. Historically, as industrialization fueled the expansion of economic structures and the growth of individual entities, executive management, whether bureaucratic officials or private entrepreneurs, looked for ways to plan revenues and expenses in advance. If you think about it, the entire system of centrally planned economies employed by socialist countries was nothing more than a state-controlled multiyear budget. The origin of the word budget itself (from bougette, French for purse) suggests the idea of monetary control.

Keywords: Socialist Country; Executive Management; Apparel Manufacturer; Monetary Control; General Ledger (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4302-3757-0_10

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DOI: 10.1007/978-1-4302-3757-0_10

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