Copyright © 2006, The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin
Topic Five (5)
Budgeting and ProfitPlanning
Copyright © 2006 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin
Th
e Basic Framework of Budgeting
A
b
udget
is a detailed quantitative plan for acquiring and using financial and other resourcesover a specified forthcoming time period.1.The act of preparing a budget is called
b
udgeting
.2.The use of budgets to control anorganization¶s activity is known as
b
udgetary control
.
Copyright © 2006 The McGraw-Hill Companies, Inc. McGraw-Hill/Irwin
A
dvantages of Budgeting
A
dvantages
D
efine goal
D
efine goaland objectivesand objectivesUncover potentialUncover potentialbottlenecksbottlenecksCoordinateCoordinateactivitiesactivitiesCommunicateCommunicateplansplansThink about andThink about andplan for the futureplan for the futureMeans of allocatingMeans of allocatingresourcesresources
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