Asked by EMMANUEL ANSONG on Jun 25, 2024
Verified
List the three important guidelines that should be followed in the budgeting process.
Budgeting Process
The procedure by which an organization estimates its future income and expenditures.
- Acknowledge the critical role budgeting plays in organizational planning and monitoring, and pinpoint the diverse forms of budgets.
Verified Answer
CJ
Caleb JamiesonJun 29, 2024
Final Answer :
(1.)Employees affected by a budget should be consulted when it is prepared; (2.)The goals reflected in the budget should be attainable; (3.)Evaluations should be made carefully with opportunities to explain differences between actual and budgeted amounts.
Learning Objectives
- Acknowledge the critical role budgeting plays in organizational planning and monitoring, and pinpoint the diverse forms of budgets.
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