Write purposes of “Budget”. Explain Budgetary Control.

Purposes of Budget

A budget is a financial plan that outlines an organization's projected income and expenditures over a specific period. It serves several key purposes:

1. Planning: One of the primary purposes of a budget is to provide a framework for planning. It helps organizations set financial goals and allocate resources efficiently. By anticipating future income and expenses, organizations can make informed decisions about where to invest, cut costs, or reallocate funds.

2. Control: Budgets are crucial for maintaining financial control. They establish financial targets and thresholds, allowing organizations to monitor actual performance against the budgeted figures. This helps in identifying variances, ensuring that expenditures _____ ________ __________ _________ __________ _____.
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