Asked by Nicole Davis on May 21, 2024
Verified
Budgeting involves (1) establishing specific goals for future operations, (2) executing plans to achieve the goals, and (3) periodically comparing actual results with the goals.
Budgeting
The process of creating a financial plan to manage revenues, expenses, and resources over a specified period, often projecting future income and expenditures.
- Acquire knowledge on the function and rationale behind organizational budgets.
- Gain insight into how budgeting affects the strategic planning and governance of organizations.
Verified Answer
RA
Rayanne AquinoMay 27, 2024
Final Answer :
True
Explanation :
Budgeting indeed involves these three key steps: setting specific objectives for future operations, implementing strategies to achieve these objectives, and regularly comparing the actual outcomes with the set goals to measure progress and make necessary adjustments.
Learning Objectives
- Acquire knowledge on the function and rationale behind organizational budgets.
- Gain insight into how budgeting affects the strategic planning and governance of organizations.
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