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Budgets and Budgetary Control
Define a budget in two key attributes.
Plan for future income/expenses; serves as control yardstick against actual performance.
Distinguish budgeting from budget.
Budget is document; budgeting is complete activity including planning, consolidation, approval, rollout.
What is a functional budget?
Budget relating to specific business function (sales, production, labour, cash, CAPEX, etc.).
How is Sales Budget built?
Bottom-up by territory, product, month; expressed in both rupees and units.
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