Budgetary Question:
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What are Budget characteristics?
Answer:
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.
-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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