Question

Explain what a budget is, and outline the main features of a budget.

Answer 1

A Budget is a plan expressed in quantitative usually monetary terms, covering a specified period of time, usually one year. Many companies refer to their annual budget as a profit plan since it shows the planned activities that the company expects to undertake in its responsibility centers in order to obtain its profit goals.

Step-by-step explanation:

Answer 2

A budget is a financial document or an action plan which is prepared and used to project future income and expenses. It outlines an organisation's financial and operational goals. It can also include non- monetary information with the monetary information.