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National budget: a budget that the federal government creates for the entire nation. State budget: In federal systems, individual states also prepare their own budgets. Plan budget: It is a document showing the budgetary provisions for important projects, programmes and schemes included in the central plan of the country.
A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month.A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows.
Budget Execution: The budget execution phase involves monitoring the budget throughout the fiscal year and making any necessary adjustments. This can include amending the budget to reflect changes in revenue or unexpected expenses. The finance department must ensure that the budget is being followed and that any deviations are addressed promptly.
A business budget is a financial plan that outlines the company’s current revenue and expenses. The budget also forecasts expected revenue that can be used for future business activities, such ...
Government accounting refers to the process of recording and the management of all financial transactions incurred by the government which includes its income and expenditures. Various governmental accounting systems are used by various public sector entities.
The elements of financial reports are regulated by the Office of Federal Financial Management. At the state and local level of the United States, the Government Accounting Standards Board (GASB) make the accounting and financial rules. A major change came in June 1999, when GASB introduced accrual and consolidated rules with fund accounting ...
The Financial Service Department prepares worksheets to assist the department head in preparation of department budget estimates; The Administrator calls a meeting of managers and they present and discuss plans for the following year’s projected level of activity. The managers can work with the Financial Services, or work alone to prepare an ...
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