Budgeting is concerned with the implementation of the long-term plan for the year ahead. Budgets are a clear indication of what is expected to be achieved during the budget period whereas long-term plans represent the board directions that the top management intends to follow. Describe the usage and benefits of the 8 types of budgets.
why budgeting ?
Body:
(a) Sales budget
(b) Production budget
(c) Direct materials usage budget
(d) Direct materials purchase budget
(e) Direct labour budget
(f) Factory overhead budget
(g) Selling