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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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Discuss some reasons for budgeting.

To determine

Describe reasons for preparation of budgets.

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.

Reasons for preparation of budgets are listed as follows:

  • • To achieve organization’s objectives: Objectives are translated into budgets which are enforced by the managers. This helps in achievement of organization’s objectives...

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