Answered: What is participative budgeting? What…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 2Q: What is the difference between budgeting and long-range planning?

See similar textbooks

Related questions

Question

What is participative budgeting? What are its potential benefits? What are its potential disadvantages?

Expert Solution

Meaning

Meaning of Budgeting

Budgeting is a process of making a plan for a specified period most often for a year. It may also include planned sales volume and expenses, assets, liabilities and cash flows. Budgets are basically of three types.

Balanced budget
Surplus budget
Deficit budget

Step by step

Solved in 2 steps

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions