Organizations use budgets to reach their financial goals. A
planning budget is a detailed financial plan that
shows future income and expenses. For example, all of us sometimes
create household budgets that plan projected income and expenses
for food, clothing, housing, etc. At the end of the budgeting
period, we compare what we earned and our expenses to the planning
budget to make sure we followed the plan. For example, if we buy a
boat and didn’t budget for that...