A Budget is a quantitative plan prepared for a specific time
period. It is normally expressed in financial terms and prepared
for one year. The Chartered Institute of Management Accountants
(CIMA) also defined a budget as “a plan quantified in monetary
terms, prepared prior to a defined period of time to attain a given
objective”. Several objectives exist for the preparation of a
budget. Notable among them include assisting in Planning, Control,
Communication, Co-ordination, Evaluation, Motivation, Authorization
and Delegation. Individuals...