Difference between Budget & budgetary control
Types of budget and budgetary system explained Spend money to make money BUDGET Budget is a amount /cost planed for a time duration .Thus this time duration is the most important factor in budget and it provides the plan in terms of cost which is the value of economic resources. It is a balanced plan of cost and achieve the objectives and aims in specific time period. As we know budget is a very common term that's used in or day today life. It may be related to business, personal or any part of work were there is use of cash. The main characteristics of budget are: 1. Budget is prepared prior to the specified period. 2. Its a comprehensive plan of the enterprise endeavors to achieve. 3. Budget is prepared for a specific period or time duration. 4. A advance step and refers to the future course of action. 5. It indicates the business policy that needs to be followed in order to achieve a given objective. 6. Bud...