Budgeting - A Budget is a plan expressed in financial terms.
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Words: 3649
Pages: 13
(approximately 235 words/page)
Pages: 13
(approximately 235 words/page)
Essay Database > Business & Economy
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 …
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showed first 75 words of 3649 total
showed last 75 words of 3649 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.
…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.
