Budget is an estimate prepared for definite future period either in terms of financial or non financial terms. Budget is prepared for any course of action or business or state or Nation, as a whole. The budget is usually expressed in terms of total volume.
According to ICMA, England, a budget is as follows "a financial and or quantitative statements prepared and approved prior to a defined period of time, of the policy to be pursed during the period for the purpose of attaining a given objective".
It is in other words as " detailed plan of action of the business for a definite period of time".
What is meant by Budget?
It is a statement of financial affairs/quantitative terms of an activity for a defined period, to achieve the enlisted objectives.
What is budgeting?
Budgeting is the course involved in the preparation of budget of an activity.
What is Budgetary Control?
Budgetary control contains two different processes one is the preparation of the budget and another one is the control of the prepared budget.
According to ICMA, England, a budgetary control is " the establishment of budgets relating to the responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results, either to secure by individual action the objectives of that policy or to provide a basis for its revision".
According to J.Batty "Budgetary control is a system which uses budgets as a mans of planning and controlling all aspects of producing and/or selling commodities and services".
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