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What is the budget?

A budget is the quantitative expression of a plan of action prepared for the entire organization or for the various departments or for various functions involved in the organization.

In other words, the budget can be defined as estimates of future needs arranged according to an orderly basis, covering some or all activities of an organization for a definite period of time.
The budget is prepared and approved prior to the budget period and may show income, expenditure, and the capital to be employed. It may be drawn up showing incremental effects on former budgeted or actual figures or be compiled from zero-based budgeting.



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