What is a Budget?

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A budget is a detailed plan for the acquisition and use of financial and other resources over a specified period of time.  Good budgeting practice should provide for both planning and control.

  • Planning - developing objectives and preparing various budgets to achieve these objectives.
  • Control - the steps taken by management to increase the likelihood that the objectives set down at the planning stage are attained, and to ensure that all parts of the organization function in a manner consistent with organizational policies.

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