Consider the following statements about Budgetary Control:
- Budgetary control involves setting financial and performance targets and comparing actual results with the budgeted figures.
- It is used to ensure that organizational objectives are achieved within the allocated resources.
- Budgetary control does not account for variances between actual and budgeted performance.
Which of the above statements are correct?
1
1 only
2
1 and 2 only
3
1 and 3 only
4
2 and 3 only
5
1, 2, and 3