Budget Definition - Revision history

Wikiadmin: /* Static Vs. Flexible Budgets */

2022-01-20T06:17:21Z

‎Static Vs. Flexible Budgets

Wikiadmin at 06:16, 20 January 2022

2022-01-20T06:16:43Z

Wikiadmin at 06:15, 20 January 2022

2022-01-20T06:15:19Z

Wikiadmin: /* Understanding Budgeting */

2022-01-20T06:00:53Z

‎Understanding Budgeting

Wikiadmin: /* Understanding Budgeting */

2022-01-20T05:59:37Z

‎Understanding Budgeting

Wikiadmin: /* Corporate Budgets */

2022-01-20T05:57:00Z

‎Corporate Budgets

Wikiadmin at 05:56, 20 January 2022

2022-01-20T05:56:21Z

Wikiadmin at 03:07, 20 January 2022

2022-01-20T03:07:46Z

Wikiadmin at 03:04, 20 January 2022

2022-01-20T03:04:55Z

Wikiadmin at 02:12, 20 January 2022

2022-01-20T02:12:53Z

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 Corporate Finance & Accounting

← Older revision		Revision as of 06:16, 20 January 2022
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-= What is budget? =A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
+= What is budget? =
 <p>
 To manage your monthly expenses, prepare for life's unpredictable events, and be able to afford big-ticket items without going into debt, budgeting is important. Keeping track of how much you earn and spend doesn't have to be drudgery, doesn't require you to be good at math, and doesn't mean you can't buy the things you want. It just means that you'll know where your money goes, you'll have greater control over your finances.

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 <p>
-Budgeting represents a company's financial position, cash flow, and goals. A company's budget is usually re-evaluated periodically, usually once per fiscal year, depending on how management wants to update the information. Budgeting creates a baseline to compare actual results to determine how the results vary from the expected performance.
+Budgeting represents a company's financial position, [[cash flow | cash flow]], and goals. A company's budget is usually re-evaluated periodically, usually once per fiscal year, depending on how management wants to update the information. Budgeting creates a baseline to compare actual results to determine how the results vary from the expected performance.
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 * A budget is compared to actual results to calculate the variances between the two figures.
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 =KEY TAKEAWAYS=
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 <p>
-'''Budget Development Process'''
+==Budget Development Process==
 </p>
 The process begins by establishing assumptions for the upcoming budget period. These assumptions are related to projected sales trends, cost trends, and the overall economic outlook of the market, industry, or sector. Specific factors affecting potential expenses are addressed and monitored.
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-'''Static Vs. Flexible Budgets'''
+==Static Vs. Flexible Budgets==
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 A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
 <p>
 To manage your monthly expenses, prepare for life's unpredictable events, and be able to afford big-ticket items without going into debt, budgeting is important. Keeping track of how much you earn and spend doesn't have to be drudgery, doesn't require you to be good at math, and doesn't mean you can't buy the things you want. It just means that you'll know where your money goes, you'll have greater control over your finances.
 </p>
-'''Understanding Budgeting'''
+= Understanding Budgeting=
 <p>
 A budget is a microeconomic concept that shows the trade-off made when one good is exchanged for another. In terms of the bottom line—or the end result of this trade-off—a surplus budget means profits are anticipated, a balanced budget means revenues are expected to equal expenses, and a deficit budget means expenses will exceed revenues.
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 * A budget is compared to actual results to calculate the variances between the two figures.
 </p>
-'''KEY TAKEAWAYS'''
+=KEY TAKEAWAYS=
 <p>
 * A budget is an estimation of revenue and expenses over a specified future period of time and is utilized by governments, businesses, and individuals.
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 * Personal budgets are extremely useful in managing an individual's or family's finances over both the short and long term horizon.
 </p>
-'''Corporate Budgets'''
+=Corporate Budgets=
 <p>
 Budgets are an integral part of running any business efficiently and effectively.

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 A budget is a microeconomic concept that shows the trade-off made when one good is exchanged for another. In terms of the bottom line—or the end result of this trade-off—a surplus budget means profits are anticipated, a balanced budget means revenues are expected to equal expenses, and a deficit budget means expenses will exceed revenues.
 <br>
 Characteristics of budgeting include:
 * Estimates of revenues and expenses.

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 * Aside from earmarking resources, a budget can also aid in setting goals, measuring outcomes, and planning for contingencies.
 * Personal budgets are extremely useful in managing an individual's or family's finances over both the short and long term horizon.
 </p>