Difference between revisions of "Budget"
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| − | A '''budget''' is a plan of [[revenue]] and expense, and | + | A '''budget''' is a plan of [[revenue]] and expense, and [[asset]]s and [[Liability|liabilities]] for an organization over a period of time. Usually budgets are prepared annually. |
| − | The budget of a corporation will be the summation of many budgets, each one prepared by a | + | The budget of a corporation will be the summation of many budgets, each one prepared by a subsidiary, division, department or group within the corporation. Each individual budget must be approved as it moves up the line and is consolidated with other budgets. |
Generally, the setting of budgets should be "difficult but achievable". Viewed this way, then, a budget is a target. | Generally, the setting of budgets should be "difficult but achievable". Viewed this way, then, a budget is a target. | ||
| − | The terms budget, forecast and projections are often used, incorrectly, as | + | The terms budget, [[Business Forecast|forecast]] and [[Projection (business)|projections]] are often used, incorrectly, as [[synonym]]s. |
| − | [[ | + | ==See also== |
| − | [[ | + | *[[Balanced budget]] |
| − | [[ | + | *[[Budget deficit]] |
| + | *[[Budget surplus]] | ||
| + | *[[Budget resolution]] | ||
| + | *[[The Budget Process]] | ||
| + | |||
| + | [[Category:Accounting]] | ||
| + | [[Category:Finance]] | ||
| + | [[Category:Business]] | ||
Latest revision as of 03:46, July 13, 2016
A budget is a plan of revenue and expense, and assets and liabilities for an organization over a period of time. Usually budgets are prepared annually.
The budget of a corporation will be the summation of many budgets, each one prepared by a subsidiary, division, department or group within the corporation. Each individual budget must be approved as it moves up the line and is consolidated with other budgets.
Generally, the setting of budgets should be "difficult but achievable". Viewed this way, then, a budget is a target.
The terms budget, forecast and projections are often used, incorrectly, as synonyms.
