BUDGET AND BUDGETARY CONTROL

Abstract

Budgeting and budgetary control entail the establishment of goals by the management of an organization and designing a process that serves as a framework within which an organization effectively articulates overall planned activities. The quantification of these planned activities in financial terms is known as budgeting, while the establishment of an effective mechanism to guarantee desired results is known as budgetary control. This study, therefore, sought to undertake a systematic review of budgeting and budgetary control in Government owned organizations and given the importance of the foregoing, attention. All relevant stakeholders must be involved in the budget process, from preparation to implementation, in order to guarantee overall goal attainment. Budgeting is a key policy instrument for public management and administration of the firm; it is a familiar activity to many as it is practiced in our private lives as well as in businesses, government and voluntary groups. The use of budgets in government circles long preceded its application in enterprises or the business sector.