Budget, Budgeting & Budgetary Control
Budget is a precise statement of financial and quantitative implications of the course of actions that management has decided to follow in the immediate next period of time. Budget is a basis for the Management to see how the organization has been functioning i.e. whether the targets are set by management have been achieved or not. It is a very effective control tool.
Budgeting is the complete process of designing, implementing and operating budgets. The main emphasis in this is short-term budgeting process involving the provision of resources to support plans which are being implemented.
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