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In: Business and Management

Submitted By uche
Words 904
Pages 4
Budget, as we know is a formal business plan. It is a detailed plan showing how resources will be acquired and used over some specific time interval. Budgeting provide definite expectations that are the best framework for judging subsequent performance. Budgeting aids mangers in coordinating their efforts, so that the objective of the organization match the objective of its parts.
Having plans and goals for your financial future is essential for any person’s financial and general well-being, whether they are employed in a business, or run a business themselves. A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms
Budget and wealth creation concepts
As we all know that a budget is a financial plan that set goals and target that governor the activities of the company.
Wealth on the other hand, is the abundance of valuable resources or material possessions. All wealth is transient. The United Nations definition of inclusive wealth is a monetary measure which includes the sum of natural, human and physical assets. Concepts of wealth also vary across time. Modern labor-saving inventions and the development.
The impacts of budgeting on wealth are: 1. It control resources 2. It communicates plans to various responsibility center managers. 3. It motivates managers to strive to achieve budget goals. 4. it evaluate the performance of managers 5. it provide visibility into the company's performance 6. For accountability
Wealth is a completely subjective concept. It requires that everyone involved share a common perception of the value of a…...

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