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Purpose of budgets Budget is defined as involving planning for the future, and is expressed in quantitative terms which may be physical or monetary Important in terms of planning, co-ordinating and controlling activities of a business to assist in the realisation of that business’s long term plans Planning – involves each section of the business developing plans for their area to form part of overall master plan. Input by different members of sections insures a sense of responsibility and commitment to achieving business goals Co-ordinating – various sections are related and are either dependent on another are affected by another. Therefore each section needs to be informed of what another section is doing Controlling – involves regular appraisal of actual performance against planned performance so activities of each section can be controlled.
Approximate Word count = 415
Approximate Pages = 1.7
(250 words per page double spaced)
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