FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Production Budget
A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budge…
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Define Zero Base Budgeting. What are the steps involved in this?

Expert Solution
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Step 1

The company prepares the budget to make a plan for how the money is spent. Budgeting is very important for the company because it helps in controlling and reducing the cost of the company, It also helps identify the activities and processes that are consuming more money than the planned amount. Budgeting also helps in fixing responsibilities and taking correcting action for deviations.

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