|Budgets can be broadly classified into two categories:
WHAT IS Capital Budget:
WHAT IS Operating Budget:
WHAT IS The Summary Budget:-
Summary Budget as it being coined is merely a summary of all the aforesaid budgets. The ultimate output of the Summary Budget will show:
WHAT IS A Master Budget:-
Once the summary budget is prepared, it is a DRAFT Master Budget. This draft master budget is submitted to the budget committee for approval.
Next when the budget committee has thoroughly review the draft master budget, it is then submitted to the Board Of Directors once again for the ultimate approval. Upon the approval from the Board Of Directors, the draft master budget then becomes the Master Budget. The budget is now an order from the boar and the manager responsible must see to it that it is implemented as effectively as possible.
November 12th, 2007 Comments off
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