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Question
Explain any four features of a budget.
Answer in Brief
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Solution
(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.
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Budget and Programme
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