What Is Budget And Its Types Pdf


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what is budget and its types pdf

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A budget is a quantitative expression of a plan for a defined period of time.

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Budgeting and Its Types

Definition : In the general sense, the budget is described as a precise statement, representing a financial estimate of income and expenditure of the government for a certain period. In cost accounting, budget means a quantitative statement, prepared before a particular period to serve as an estimate of future receipts and disbursements. The integrated process of preparing, implementing and operating budgets is called as Budgeting. Budget is used to fix targets in monetary terms and control the deviations if any. Further, it can also be used as a basis to measure the performance of the organization. Apart from those discussed above, there are other functional budgets also, i.

What are the three types of government budgets?

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you begin to stray from your budget it's usually because of spending too much price could sufferer. campaign planners incur two types of cost in ant campaign.


Budget: Definition, Classification and Types of Budgets

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Let us make an in-depth study of the meaning, features and types of budget in an organisation. A budget is a blueprint of plan of action to be followed during a specified period of time for the purpose of attaining a given objective. An analysis of the above definition reveals the following essential features of a budget:.

" BUDGET, its types and its formulation in India "

Budgeting for business plays a vital role in the management control system. It gives a brief understanding of what budgets are, what are budgeting, and its different methods, i. Before we understand the different types of budgeting methods , let us know the meaning of the budget. Usually, budgets for businesses or departments created for an accounting period, i.

A budget is a financial plan for a defined period , often one year. It may also include planned sales volumes and revenues , resource quantities, costs and expenses , assets , liabilities , and cash flows. Companies, governments, families, and other organizations use it to express strategic plans of activities or events in measurable terms. A budget is the sum of finances allocated for a particular purpose and the summary of intended expenditures along with proposals for how to meet them. It may include a budget surplus , providing money for use at a future time, or a deficit in which expenses exceed income. The word budget comes from the Old French word bougette meaning "small leather purse", which in turn is a diminutive of the Gaulish bouge for "leather pouch, purse".

The budget also provides an important tool for the control and evaluation of sources and the uses of resources. Using the accounting system to enact the will of the governing body, administrators are able to execute and control activities that have been authorized by the budget and to evaluate financial performance on the basis of comparisons between budgeted and actual operations. Thus, the budget is implicitly linked to financial accountability and relates directly to the financial reporting objectives established by the GASB. The planning and control functions inherent to any organization, including schools, underscore the importance of sound budgeting practices for the following reasons: The type, quantity, and quality of goods and services provided by governments often are not subject to the market forces of supply and demand. Thus, enacting and adhering to the budget establishes restrictions in the absence of a competitive market. These goods and services provided by governments are generally considered critical to the public interest and welfare.


A budget is a quantitative plan for acquiring and using resources over a specified period. In an organization, the term master budget refers to a summary of a company's plans including specific targets for sales, production, and financing activities.


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Budget : Meaning, Features and Its Types | Accounting

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1 Comments

Damon P.
05.04.2021 at 01:43 - Reply

A budget is a quantitative plan for acquiring and using resources over a specified period.

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