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Question
Budgets are an important tool of ______.
Options
Planning, co-ordination
Motivation and control
Capital and cash
Price determination
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Solution
Budgets are an important tool of planning, co-ordination.
Explanation:
Budgets turn objectives into quantitative plans, guide resource allocation and timing, coordinate departmental activities across the firm, and provide benchmarks for performance evaluation and control, helping ensure targets are met.
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RELATED QUESTIONS
What is a Production Budget?
What is a Master Budget?
A budget is a statement that can be expressed:
A ______ is a quantitative plan prepared in advance for a future time period.
A budget relates to a ______ period.
Explain the term ‘budget’.
How can the management of an organisation use the budgetary control system for planning and control?
The process of preparing budgets is known as ______.
Budgeting is the first step in ______.
Choose the Odd-One-Out:
Budgeting is
- Art and science of planning income
- Careful outline of spending money
- The first step in money management
- A type of investment
