WHAT IS BUDGETING
Budget is an estimate of income and expenses of an organisation expressed in monetary terms for a specified period of time. Budgeting is therefore a process of puting together the estimates as gatthered from different spheres of the orgnisation.
There are different methods of budgeting. Each method is prevalent in the particular athmosphere inherent in the particular business or private environment. What suits the environment determines what budget method to use. Some of the methods include cost-plus budgeting, zero based budgeting to mention but two.
I am not going to belabour you on the meaning of the methods or how they are applied. That is left for another discourse entirely.
