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The main objective of a ‘Budget’ is
1. To ensure Accountability
2. To serve as a tool of Management
3. To facilitate Economic Analysis
4. All of the above

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Correct Answer - Option 4 : All of the above

The correct answer is All of the above.

  • A budget is a financial document used to project future income and expenses.
  • Budgeting may be carried out by individuals or by companies that wish to estimate whether they can continue to operate within the projected income and expenses.
  • A budget can be drawn up for each financial year and contains information on the estimated value of sales and the value of costs.

Types of Budgets are:

  • Forecast Budget - Forecast budget, estimated figures are prepared. These figures can then be adjusted when the actual figures are gathered. In a forecast budget, figures from the previous year are often used as estimates for the current year.
  • Performance Budget - A performance budget involves estimates made for upcoming revenue and expenses. This is done by assessing each item on the income statement and providing a percentage of expected change from the previous year.
  • Cash Budget - A cash budget forecasts how cash will be used throughout the coming year. It usually focuses on the near future since the goals and strategies of a company can change with circumstances.

 

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