1.what is Budgets?

budgets refer to Quantitative expression of proposed

plan of action by management for speciated period.
: - A budget can be defined as a comprehensive
financial plan that outlines anticipated income
expenses and resource a location within a specified.
Budgeting is a fundamental aspect or financial
management that plays private role in the strategic and
operational function of human resource management.
As a spiring H.R professional or fresh Entrants in the
field understanding the essence of a budget is vital for
efficient resource a location and strategic decision
making with in or organization in the realm or H.R
budget serve as a structured from work to manage
financial employ solarise training programs recruitment
costs benefit and other essential H.R functions
resources for H.R related imitative encompassing
employee salaries thinning programs requirement casts
benefits and other essential H.R functions.
A Budget is a place that helps you manage your many.
It shows you how much many you have. how much
many you need to expend on different things.
And how much many you can save or lose for other
goals.
-the term budget means the plan of expenditure and of
revenue to balance that expenditure is usually a public
authority.
-budget is financial expirations which includes the
income and expenditure.
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2.explain about Master Budget?
A Master Budget is accompanying central financial
planning document.
-It typically covers a full fiscal year and includes lower-
level Budgets—like a sells Budgets and a labour Budget
–cash flow forecasts, financial statement and financial
plan.
A Master Budget is the central financial planning
document that includes how a company will spend how
much it expect to earn in a fiscal year. A Master Budget
contains a budget of department with it the
organization and projection that allow for management
to plan for the upcoming year Master Budget is the
overarching budget for a company it is a combination
of many departmental budgets that help to determine a
company's goal.
A Master Budget will show all the details of the
company’s income generating actions via the operating
Budget with an overview of revenue and expense.
The Master Budget is the aggregation of all lower-level
Budgets produce by a company’s various financial
areas and also includes Budgeted.
A Master Budget can be defined as the agrégation of all
the lower-level Budget which are calculated by various
financial area.
A Master Budget combines numerous expenses and
excepted income figures in one place to get complete
overviews of the Finans.
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3. Explain about financial and non-financial
budgets?
The Financial Account is the account of financial assets
(such as loans, sharers pension funds)
The non-financial account deals with all the transaction
that are not in financial asset such as output tax
consumer spending and investment fixed asset.
While financial factors such as profitability and cash
flow are essential for survival, nonfinancial factors such
as brand reputation and consumer loyalty contribute to
sustainable growth. Ignoring non-financial factors may
lead to short term success but may undermine long-
term stability.
One of the best ways the explain your budget to non-
financial stakeholders is to invite their feedback and
questions. This shows that you value their opinions and
insights and that you value their opinions and insights
and that you are open to dialogue and collaboration.
Ask them what they think about your budget, what they
like, and dislike, what they are concerned or excited
about. Listen to their feedback and question and
address them respectfully and honesty. If you don’t
know the answer, say so and follow up later. Use
feedback and questions as an opportunity to clearly,
adjust, or improve your budget.
A financial budget is a plan that outlines an
organization’s or individual ‘s financial goals and how
they intend to achieve them over a specific period,
typically a year.
A non-financial budget is the budget prepared and
expressed in non-financial terms is called a non-
financial budget.
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 4.what is budgeting cycle and explain it?
The budget cycle is the series of steps that government
follow to prepare, approve and implement and
implement their annual budgets.
PFM and the budget cycle are intimately linked, A well-
functioning
PFM system is essential for a successful budget cycle,
and vice versa. The budget cycle represents the frame
for preparing, Approving. And executing corporate the
government budgets. Budgets contain critical
information about cash inflows and outflows, income
sources, revenue generation, and fund the allocation.
Budgeting for the national government involves four (4)
distinct processes or phrases: budget authorization,
budget execution and accountability. While distinctly
separate, these processes overlap in the
implementation during a budget year.
The four necessary elements of the management, the
performance
Components the analysis of variances and the feedback
The four elements of the budgeting cycle are(1.the
planning and preparation phase were financial
objectives and plans are established;2) the approval
and adoption phase, where the prepared budget is
endorsed by relevant authorities;3) the implementation
phase involving budget execution and monitoring; 4)
the Evalution and control phase, comparing actual
performance and making necessary adjustment.
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5.what is the difference between planning and control?
-planning involves developing objective and preparing
various budgets to achieve these objectives.
Planning is an important managerial direction planning
means deciding in advance what to do, what to do and
how to do it before prewarming something it is
necessary for manager to formulate an idea how to
perform the task there for planning is Clothey related to
creativity and innovations the objectives only then he
well be able to know where he has to reach planning
bridge a gap between where Weare and where we want
to reach managers perform planning at all levels
planning require making certain a choice from different
alternative available hens planning involves setting
objective and developing operate coerces of action to
attain these objective.
Control involves the steps taken by management to
increase the likely hand that the objectives set down
while planning are attended and that all parts the
organization are working together to word that goal.
Planning and controlling are two important functions or
management.
A) system of controlling requires the Ext stans or
certain standards these standards are controlling which
act us basis of controlling are provided by controlling
becomes important to examine the progresses
measure it identify deviations and initiate corrective
action to ensure that events are in accordance with
plan there for planning without control is the
meaningless Similarly there is no role of controlling
without planning.

6.what is the advantage of budgeting?

-It defines goals and objective
- think about and plan for the picture
-means of allocating resource
-coordinate activities
-communicate plans
=> the advantage of the budget is: -
-formalize planning
-promote coordination and communication
among subunits
within the company
-provide a from work for gaging
performance
- motivate managers and other employ
=> a major benefit of effective budgeting is managers
to think head latiids managers in communicating
objectives to employs and it provides benchmarks to
evaluate subsequent performance
=> A budget helps create financial stability by tracking
expenses and following plan a budget makes it easier
to play bells on time build emergency fund and save for
major expenses such as cut or home

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7. Explain About the classification of budget?
1/ based on time 3/based on
function
;)master budget ;) long term
budget
; ;)short term budget : ;)functional
budget
2/ based on condition 4/based on
flexibility
;)basic budget😉 ;)fixed
budget
; ;)current budget : ;)flexible
budget
Long term budget this budget is related to the planning
operation of in organization for a period of 5 to 10
years
=>this long-term budget may be adversely affecting
due to unpredictable factors
There for from a control paint of view the long-term
budget should be supplemented by short term budget.
Example: research and development capital
expenditure budget etc..........
Short term budget this budget is drown usually for one
year: - sometimes a budget may be prepared quarterly
budget etc...............
Short term budget is prepared in detail and this budget
help to exercise control over day-to-day operations.
Example: -material consummation budget
- labour utilization budget
- cash budget
Basic budget a budget that is established for use
unaltered over a long
period is called basic budget. This budget is more
useful for top level management for formulating policy.
Current budget a budget that is established for use
over a short period and is related to the current
condition is called the current budget.
This budget is adjusted to the current conditions
prevailing in the business etc.........
8.what is the major steps in preparing the master
budget
The first step in preparing a master budget is two
create a sales budget which outlines projected sales
units and the expected revenue from these sales this is
foundational to the creation of another budget such as
production and administrative expenses.
The three (3) steps in the master budgeting process are
to develop the one (1) revenue and expenditure
operating budget and balance sheet two (2) capital
expenditure budget and three (3) financial budgeted
cash flow income statement and balance sheet.
-the final integration of all functional budget by the
budget efficient provides the master budget
-when functional budget has completed the budget
officer prepare the master budget.
-the master budget consists of several separate
But intend expended budget
-the first step in the bandaging processes in the which
it a detailed schedules shushing the expected sales for
the budget period.
An accurate sales budget in the key to the entire
budgeting process.