Budgeting is a word that is being very common in almost all the fields of pay, accounting and management today. It is the imagination that every individual in the field of accounting and finance has to be well advised about it and its application in the practical terms. Although budgeting can be done in many a(prenominal) ways in different fields and areas but the elemental meaning of this term remains the same that is making plans out front hand. This term has been derived from a English word Bougett which meant a dismission or a sack in which the papers were carried onward the budget was to be pronounced by the ministry in the earlier terms. And from then onwards this sack was itself called budget as it took the stool of a paper, and was used for declaration of budget. Budget can be defined as the statement which financial in personality and prepared before the beginning of a situation block in order to have a thinker of how and to what aim to go in the future, in other words determine the future course of activities. So budget is a bode and budgeting is the process of performing that forecast in a straightlaced manner.
The importance of budgeting is that it helps to chink the financial administration of a particular activity for which it is done before its performance; it generally gives an idea of how it should be done to achieve the desired results. Some of the major(ip) functions of budgeting are that it helps to create accountability for managers and help to control the act and functions of various services in an organization. The budgets that are prepared slay different phases like Line Item budgets, Performance Budgets, Programmed Budgets and last the Zero Based Budgets. So in order to control these activities budgeting has to be done and emphasized upon.
As we are aware that all organizations need plan and control and budgeting is the centre of this activities. Theses budgets are used as financial tool that helps in planning and controlling costs and also most...If you want to get a full essay, order it on our website: Ordercustompaper.com
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