Budgetary Question:
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What are Budget characteristics?


Following are the characteristics of a good budget:

-It is expressed in quantitative or monetary terms.

- It is prepared for a fixed period of time It is prepared before the period in which it commences.

-Practical to implement.

-It spells out the objects and the policies to be pursued in order to achieve the objective of the organisation.

-Many people are involved in drawing up a budget.

-Flexible enough to allow changes in the changing environment.

-Prepared on the basis of established standards of performance.

-Analysis of cost and revenues.

-On the basis of budget report performance of the organisation is constantly monitored.

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