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Budgeting - A Budget is a plan expressed in financial terms.
Title: Budgeting - A Budget is a plan expressed in financial terms.
Category: Business & Economy
Details: Words: 3719 | Pages: 15.8 (approximately 235 words/page)
Budgeting - A Budget is a plan expressed in financial terms.
BUDGETING
A Budget is a plan expressed in financial terms.
C.I.M.A. defines a budget as 'A plan quantified in monetary terms, prepared prior to a defined period of time... to attain a given objective', A budget is normally for a relatively short period, e.g. 1 year.
Purposes of Budgeting
A number of purposes of budgeting have been identified. They include:
1.<Tab/>Planning.
2.<Tab/>Resource …showed first 75 words of 3719 total…
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…showed last 75 words of 3719 total…of performances in relation to responsibilities.
ii.<Tab/>Prompt and accurate reporting of results.
iii.<Tab/>The ability to provide more detailed information and advice on request.
6.<Tab/>Budgets should be administered in a flexible manner. Significant changes in circumstances should lead to changes in plan. Rigid adherence to budgets which are inappropriate for current conditions leads to loss of credibility and effectiveness.
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