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The Budget is a statement made every year by the government on how it's going to get the money it needs to spend on the country. It's worked out by the Chancellor of the Exchequer with help from his office, the Treasury. At the moment, the Chancellor is Gordon Brown. From: Fawad Ahmad
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What is a forward looking statement?
A budget forecast.
What is the difference between cash budget and cash forecast?
Cash forecast is the estimate of the timing and amounts of cash inflows and outflows over a specific period (usually one year). A cash flow forecast shows if a firm needs to borrow, how much, when, and how it will repay the loan. Also called cash flow budget or cash flow projection.
Difference between budget and forecast with examples?
A forecast is a statement of the expected outcome of a given set of events. It follows then that a financial forecast is a statement of the expected outcome in financial terms of a given set of (assumed) events. A budget is a financial forecast based on a plan set by management. Thus, a business may prepare a budget that forecasts a revenue of, say, USD 10 million and a net income of USD 1 million, if all its strategies and actions happened as planned, and assumptions made (such as interest rate) occur. The budget is used by the management to control the business going forward. On the other hand, a financial forecast that is not a budget may be produced by the business for a different purpose, e.g. to provide a bank creditor with an idea of how the business will perform going forward. Such forecast can be varied depending on how optimistic or conservative the maker wants it to be. Thus, for the same business in the example above, a conservative forecast may be prepared for an investor that indicates a revenue of USD 9 million and a net income of USD 750,000.
Is usual starting point in budgeting is to make a forecast on net income?
No, past performance is the starting point used to formulate future budget goals.
What are the functions of budget?
In summary, the purpose of budgeting is to: 1. Provide a forecast of revenues and expenditures i.e. construct a model of how our business might perform financially speaking if certain strategies, events and plans are carried out. 2. Enable the actual financial operation of the business to be measured against the forecast.
How does a budget differ from a forecast?
Budget is more accurate than forecast. A budget can be had from historic data whereas forecast looks into the future trends.
What is a forward looking statement?
A budget forecast.
What is The usual starting point for a master budget?
the sales forecast or sales budget.
How do you forecast budget in front office department in a hotel?
yes
Which is most appropriate to create analyze and forecast budget?
Spreadsheet
Which type of software use to prepare a budget forecast?
A financial package or a spreadsheet.
What is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization's sales forecast a production budget?
production budget
What is the difference between cash budget and cash forecast?
Cash forecast is the estimate of the timing and amounts of cash inflows and outflows over a specific period (usually one year). A cash flow forecast shows if a firm needs to borrow, how much, when, and how it will repay the loan. Also called cash flow budget or cash flow projection.
Difference between budget and forecast with examples?
A forecast is a statement of the expected outcome of a given set of events. It follows then that a financial forecast is a statement of the expected outcome in financial terms of a given set of (assumed) events. A budget is a financial forecast based on a plan set by management. Thus, a business may prepare a budget that forecasts a revenue of, say, USD 10 million and a net income of USD 1 million, if all its strategies and actions happened as planned, and assumptions made (such as interest rate) occur. The budget is used by the management to control the business going forward. On the other hand, a financial forecast that is not a budget may be produced by the business for a different purpose, e.g. to provide a bank creditor with an idea of how the business will perform going forward. Such forecast can be varied depending on how optimistic or conservative the maker wants it to be. Thus, for the same business in the example above, a conservative forecast may be prepared for an investor that indicates a revenue of USD 9 million and a net income of USD 750,000.
A plan for spending saving and earning?
Spending Goals. Before you decide where your money really must go, you need to determine your goals.
If the sales budget shows a sharp increases in a particular months than in order to meet sales forecast the production budget must call increased production in the month?
Same Month
What internal factor would minimize the risk in a budget forecast?
cut expenditure. will ensure, bubtget stays under control
