SYNOPSIS

Title of project:

A study on the “Budgetary Control”.

Area of specification:

Finance

Name of the company :

Indian Oil Corporation Limited.(IOCL).

Introduction :

Budgetary control is a system of procedure used to ensure that an organisation’s

actual revenues and expenditures adhere closely to its financial plan.

The system typically involves setting personal goals for managers that are based on the
budget, along with a set of rewards that are triggered when the goals are attained. In addition,
budget versus actual reports are rutienly issued to anyone having responsibility for a line item
in the financial statements; they are then expected to take action to correct any unfavourable
variances. Further, the results of business are closely monitored by a budget committee,
which provides feedback to managers when ever actual results threaten to fall below
expectations.

Company Introduction:

IOCL is commonly known as IndianOil. It was founded on 30th jJune, 1959 i,e,. 60
years ago. It is an Indian State Government owned company headquartered in New Delhi. Its
main products are Petroleum, Natural Gas and Petrochemicals. It is largest commercial oil
company in the country. It is India’s largest downstream oil company, with a work force of
more than 33,000 employees.

Research Methodology:

Statement of problems :

▪ To analyse how budgetary control helps the Indian Oil Corporation Limited to select
best course of action.
▪ To provide a detailed plan of action of business over a period of time.
▪ To know the role of budgetary control
▪ Purpose of the study is to estimate of receipt and payments of revenue and capitals
items in future.
▪ To co ordinate the different units and actions of organisations with a view to utilize
the resource judiciously.

1|Synopsis
 Objectives :

▪ To study the existing budgetary control methods and practices at Indian Oil
Corporation Limited.
▪ To forecast the future and plan to avoid losses but more positively to maximize the
profits.
▪ To compare the budgeted figures with actual figures and comparison of financial
statement for different financial years.
▪ To revise the budgets in the light of changed circumstances.
▪ A budgetary control department fulfil the needs of organisations.

Research methodology:-

▪ Primary data – Questionnaire, Personal Interview

▪ Secondary data – Previous financial statements, company website

Name : Prajwal G Bagglae

Reg No. : 17GFC26030

Course : B.B.A.

Semester : 6th Sem

College : MES Institute of Management.

2|Synopsis