What is the function of cost control in financial management?

Cost control is a critical function in financial management that focuses on regulating and monitoring expenses to ensure they align with the organization's budget. By maintaining expenses within budgetary limits, organizations can maximize their financial efficiency, achieve strategic objectives, and avoid overspending, which can lead to financial distress.

Effective cost control involves analyzing various categories of expenses, comparing them with the budgeted amounts, and implementing measures when discrepancies arise. It allows organizations to identify areas where they can reduce costs without sacrificing quality or performance, thus contributing to improved financial health. This function is essential for maintaining financial discipline and ensuring that resources are allocated effectively, which ultimately supports the organization's goals and objectives.

Overall, option C captures the essence of cost control by emphasizing the importance of maintaining expenses within the allocated budget, thereby aiding in financial stability and strategic planning.