ABSTRACT
Now that you have completed your work on Budgeting for Better Performance, let us review our workbook objectives.
The first objective is:
that you should be better able to describe what a budget is.
We’ve seen that a budget is a financial plan prepared in advance of a certain period. Every department in a business organization is involved in forecasting its budget depending on the level of business activity planned. This can involve a lot of work, but can be a worthwhile investment if the budget is regarded, not as a financial straight-jacket, but as a valuable management tool for planning and controlling.
