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What is the essence of budget in the financial administration of a country?
Wiki User
∙ 13y ago
Budgeting is a crucial tool in the financial administration of a country as it helps allocate resources effectively, prioritize government spending, and monitor financial performance. It sets out the government's revenue and expenditure plan, guiding decision-making and ensuring that financial goals are met. A well-planned budget facilitates transparency, accountability, and responsible fiscal management.
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Definition of administration budget?
An administration budget is an official, detailed financial plan that is designed for an upcoming period for a business. It is usually prepared on an annual or quarterly basis.
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What is a master budget?
Master budget is the overall financial budget of company which includes budgets as follows:Sales BudgetProduction budgetSelling and administration budgetsCash budgetPro forma Income Statement & balance sheet etc.
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There is no difference between them.. Their difference only is how you understood about financial budget.. :)
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