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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Explain how both small and large organizations can benefit from budgeting.

To determine

Describe the manner in which both small and large organizations can benefit from budgeting.

Explanation

Budgets:

Budgets are prepared for the planning and controlling purposes. Budgets facilitate planning and making decisions to achieve the desired objectives and are prepared to enable comparison between actual and expected outcomes.

Following are the advantages of budgeting which can be availed by both small and large organizations:

  • • Communication and coordination: Through budgets, objectives of organization are communicated to employees. This improves the coordination and communication amongst employees which is essential in all types of organizations.
  • • Planning: Once budgeting techniques are started to be used by the management, managers are motivated to prepare strategic plans...

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