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Accounting for Non-Accountants, 9th Edition by David Horner

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10

Budgeting

Introduction

A budget is a form of financial plan for the organization. Although we tend to think of budgets being expressed in monetary terms, this is not always the case. The budget can focus on any aspect of business activity. For example, a budget can be stated in terms of units of output that need to be purchased for future periods of time, or it can look at the production levels and sales levels measured as a level of physical output. A budget can even look at planning ahead for staffing levels in the sense that the number of hours of productive work time can be planned. The budget will relate to a future period of time and therefore will involve some form of prediction of quantities – either in financial terms or in some ...

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