Define budget. List and describe the two ways in which the budget process is managed
Expert Answer
Budget is defined as an estimate of revenue income and expenses for a set period of time. Budget is compiled and reviewed periodically. Budget can be made for any entity which makes and spends money. So budget can be made for an individual, group of people, family, small business, large corporation, MNC, government or even a country. When referred to organisations, budget is an internal tool which is used by management and does not have to be reported externally.
Budget is termed as
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