Ques:- What is the process of budgeting and explain the importance of it?
Asked In :-
Panacea Medical Technologies, AR Rahman Foundation, DIC India, FIN Infocom, GACL, Himatsingka Seide, India Cements, KFCSC, Mother Dairy, MoveiT Infra Services,
Right Answer:
The process of budgeting involves setting financial goals, estimating revenues and expenses, creating a budget plan, monitoring actual performance against the budget, and making adjustments as necessary. The importance of budgeting lies in its ability to help organizations allocate resources effectively, control spending, plan for future financial needs, and make informed decisions to achieve financial stability and growth.
The process of budgeting involves setting financial goals, estimating revenues and expenses, creating a budget plan, monitoring actual performance against the budget, and making adjustments as necessary. The importance of budgeting lies in its ability to help organizations allocate resources effectively, control spending, plan for future financial needs, and make informed decisions to achieve financial stability and growth.
