Trial Balance Research Paper

how to raise capital, allocation of funds to different departments, maximizing profits and reducing liabilities, as well as maintaining proper cash flow.

Assets. An asset is any resource with economic value that an organization owns or controls with the expectation that it will provide future benefit. In terms of management, assets can be widely used to refer to the organizations financial resources, infrastructure, knowledge resource, investments and its staff. The objective of management in an organization should be to safeguard and grow its assets to ensure growth and stability of the organization.

Trial Balance. A trial balance is a form of book keeping whereby after preparing the ledger accounts, the balances are recorded in debit and

Budgetary control is therefore a control technique where actual results are compared with budgets. Where there are differences, key individuals are assigned to, either control the process to ensure they are performed according to the budget or revise the original budgets. Budgetary control involves several steps. First is creation of a budget, then management needs to compare, analyze and interpret the actual performance results with the budgeted goals. After which managers improve the underperforming operations and strengthen the favorable ones. At the end of the financial year, the entire system is reviewed to allow decision making for the next financial

Another function of the budgetary control system is to enable management to examine the potential successes or failures of the company as it allows for actual performance to be measured against targeted performance. Lastly, the budget control system is put in place to enhance coordination between different departments in the organization as different departments are assigned to implement various policies and functions in the budget. Its function is also to ensure there is somebody to take responsibility when budget expectations are not