IJIRST (International Journal for Innovative Research in Science & Technology)ISSN (online) : 2349-6010

 International Journal for Innovative Research in Science & Technology

Process of Construction of Budget


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International Journal for Innovative Research in Science & Technology
Volume 4 Issue - 1
Year of Publication : 2017
Authors : Prof. Dr. K N Sheth

BibTeX:

@article{IJIRSTV4I1019,
     title={Process of Construction of Budget},
     author={Prof. Dr. K N Sheth},
     journal={International Journal for Innovative Research in Science & Technology},
     volume={4},
     number={1},
     pages={60--61},
     year={},
     url={http://www.ijirst.org/articles/IJIRSTV4I1019.pdf},
     publisher={IJIRST (International Journal for Innovative Research in Science & Technology)},
}



Abstract:

This paper gives brief details as to how to prepare a functional budget and ultimately the master budget for any organization. The process of budget preparation principally comprises of five steps viz. Formulating guidelines, Initial budget proposals, Negotiations, Reviews & approval and Budget revision. The success of the budget is possible when there is a cooperation of all the functional heads of the business in actively participating in the process of preparing budget. Based on strategic plans, the responsibility centers depending upon the objectives, prepare the budget proposal in consonance with the coordination of all other functional departments. When budget committee approves and Board ratifies, the proposal becomes ‘Budget’.


Keywords:

Budget, Negotiations, Review, Approval, Revision


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