A budget provides a means of allocating resources among competing uses. This statement is true.
A budget is a detailed plan which shows the financial consequences of operating activities of an organization for a specific future period. A budget acts as a financial model which summarizes the future operations.
Budgets are generally viewed as a core component of planning and control system of an organization.
The budget is defined as formal quantitative expression of the goals of management. The act of making a budget is called budgeting. When the budgets are used to assist management in the controlling process is called budgetary control.
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