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Is Budgeting Used Primarily For Scorekeeping Essay

1599 Words7 Pages

1. Is budgeting used primarily for scorekeeping, attention, directing or problem solving?

Budgeting is the way toward making an arrangement to spend the cash. This spending arrangement known as a budget. Making this spending arrangement permits you to decide ahead of time whether you will have enough cash to do the things you have to do or might want to do.
A budget plan is a separated outline of likely income and expenses for a given period or we can say it is an assessment of costs, incomes, and assets over a predetermined period, mirroring a perusing of future monetary conditions and objectives. It helps you figure out if you can get that nibble to eat or ought to set out home toward a dish of soup.
Actually budgeting isn't only for times when your cash is tight or your life is experiencing a noteworthy move. Planning is for everybody, rich and poor alike. Truth be told, planning will be that much less demanding in times of …show more content…

Actually business needs all of them. The first variation is the time strategic planning is not based at all on time .it works good after the business determine specific dependencies and goals. It may extend as far as five years into the future. The long term plan has time horizon of from two to three years. The budget has a time horizon of one year or less. The difference is The strategic plan draw out the frame ,path goals and objectives of the business and rules for activities to accomplish those objectives, while the budget takes a gander at the cash and money expected to help and support accomplishing those objectives. Budgeting is stand out part of the strategic planning process. It is quite clear in business that the strategic planning focus on all types of budget .Master budget, operating budget , Cash Flow Budget, Financial Budget and Static Budget .

3. Why is budgeted performance better than past performance as a basis for judging actual

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