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a.
Explain the term budget.
a.
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Explanation of Solution
Budget
Budget is a statement prepared by the management for a specific tenure, to accomplish the goal of management. Budget is basically expressed in the financial terms.
Budget is a statement prepared by the management for a specific tenure in future, to accomplish the goal of management in that particular period of time. Budget is basically expressed in the financial terms.
b.
Explain the contribution of budget to a good management.
b.
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Explanation of Solution
Budget plays a very vital role in the formulation of plan for the management, as it helps in primary communication upon the agreed objectives of the organization. Budget is used as a primary base for the performance evaluation, after it has been adopted by the management.
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Chapter 21 Solutions
EBK ACCOUNTING:TOOLS F/BUSINESS...
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