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Page 2 ? Based on a future plan of actions ? Prepared in advance ? Based on objectives to be attained ? Expressed in monetary and/or physical units ? Prepared for the implementation of policy formulated by the management 2 Page 3 ? Based on a future plan of actions ? Prepared in advance ? Based on objectives to be attained ? Expressed in monetary and/or physical units ? Prepared for the implementation of policy formulated by the management 2 Budget may provide for: ? a sale of Rs. 1,00,000(i.e., monetary units) or ? for a sale of 10,000 units (i.e., physical units) or ? For a sale of 10,000 units of Rs. 1,00,000 (i.e., both) 3 Page 4 ? Based on a future plan of actions ? Prepared in advance ? Based on objectives to be attained ? Expressed in monetary and/or physical units ? Prepared for the implementation of policy formulated by the management 2 Budget may provide for: ? a sale of Rs. 1,00,000(i.e., monetary units) or ? for a sale of 10,000 units (i.e., physical units) or ? For a sale of 10,000 units of Rs. 1,00,000 (i.e., both) 3 4 Page 5 ? Based on a future plan of actions ? Prepared in advance ? Based on objectives to be attained ? Expressed in monetary and/or physical units ? Prepared for the implementation of policy formulated by the management 2 Budget may provide for: ? a sale of Rs. 1,00,000(i.e., monetary units) or ? for a sale of 10,000 units (i.e., physical units) or ? For a sale of 10,000 units of Rs. 1,00,000 (i.e., both) 3 4 ? Means of control ? Actual state of affairs is compared with the budget ? Appropriate action is taken to correct deviations if any ? Use of a budget to control a firm’s activities is known as BUDGETARY CONTROL. 5Read More
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FAQs on PPt - Budget Concept & Types - Cost Accounting - B Com
| 1. What is a budget concept? |  |
Ans. A budget concept refers to the basic principles and ideas that guide the process of creating and managing a budget. It includes understanding the purpose of a budget, identifying financial goals, estimating income and expenses, allocating funds appropriately, and monitoring and evaluating the budget regularly.
| 2. What are the types of budgets? | |
Ans. There are several types of budgets, including:
- Operating budget: This budget focuses on the day-to-day operations of a business or organization, including expenses for production, sales, and administration.
- Cash budget: It tracks the inflows and outflows of cash, helping to ensure that there is enough cash available to cover expenses.
- Capital budget: This budget is used for long-term investments, such as purchasing new equipment or expanding facilities.
- Flexible budget: It adjusts according to changes in activity levels, allowing for better control and analysis of costs.
- Zero-based budget: This budgeting approach requires justifying and allocating funds from scratch each period, rather than simply making incremental changes to the previous budget.
| 3. How does a budget help in financial planning? | |
Ans. A budget plays a crucial role in financial planning by providing a roadmap for managing income and expenses. It helps individuals and businesses:
- Set financial goals and prioritize spending.
- Track and control expenses to avoid overspending.
- Identify areas where cost-cutting measures can be implemented.
- Allocate funds effectively to meet both short-term and long-term financial objectives.
- Plan for emergencies and unexpected expenses.
- Monitor progress towards financial goals and make adjustments as needed.
| 4. What are the benefits of creating a budget? | |
Ans. Creating a budget offers several benefits, including:
- Improved financial control and discipline.
- Increased awareness of spending habits and areas for potential savings.
- Better decision-making regarding resource allocation.
- Enhanced ability to plan for future expenses and savings.
- Reduced financial stress and increased peace of mind.
- Improved ability to achieve financial goals and objectives.
| 5. How often should a budget be reviewed and updated? | |
Ans. It is recommended to review and update a budget regularly to ensure its effectiveness. The frequency may vary depending on individual or business circumstances, but a general guideline is to review the budget monthly or quarterly. This allows for tracking actual income and expenses, making necessary adjustments, and aligning the budget with any changes in financial goals or circumstances. Regular budget reviews also help in identifying potential issues or areas where improvements can be made.
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