Answered: Describe the budgeting and planning…

Business

Accounting

Describe the budgeting and planning process.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 2Q: What is the difference between budgeting and long-range planning?

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Question

Describe the budgeting and planning process.

Expert Solution

Step 1

Budgeting process: The process of streamlining the future expenditure process by predicting or estimating the future income and expenses is known as the budgeting process. This helps to track the future expenses and income.

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