discuss the purposes of budgeting process.

Expert Solution

Budgeting process is very crucial and Important for any business entity or any house holds . Without a proper budget, a business can never keep track of how much it has earned and how much it has spent.and in a house hold it is also very important because funds are limited. Budget serves a great guide by which a business can oversee its income stream and can identify potential dangers to it beforehand. Furthermore, budget acts as a valuable tool in order to take control of how a business/house hold spends. A budget makes sure that all the money is being spent in the right direction and financial goals are attained.

Purpose:

Manage funds

Reduce unnecessary expenses

For make decision easy and fast

For forecast

For decide responsible department or person

For cost control

Right and best use of sources

Determine capital requirement

Useful for decide mathod of accounting

Find Reasons of failures

Decide plan for near future

For grow business

Manage house holds

ekkarill92 answered 1 year ago

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