discuss the different budgetary types and identify their main characteristics
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter13: Budgeting And Standard Costs
Section: Chapter Questions
Problem 21CDQ: How are standards used in budgetary performance evaluation?
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discuss the different budgetary types and identify their main characteristics.
Expert Solution
Step 1: Definition
Budget:
Budget is an effective tool to achieve the financial and operational goals of the business. Budget is the key element of the financial planning and it assists managers to control the business costs. Management should set the budgeted amount at reasonable and achievable levels.
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