Explain any four features of a budget.
(i) A budget is a statement of expected results expressed in quantitative terms.
(ii) It provides a standard by which actual observation can be measured and by which variations can be checked.
(iii) It is a single-use plan since it is prepared for a particular period of time.
(iv) A budget forces an enterprise to make in advance a numerical compilation of expected cash nows, expenses and revenues, capital outlays or machine hour utilization.