ECONOMICS

Detailed explanation-1: -The set of periodic budgets that are prepared and periodically revised in the practice of continuous budgeting are called: Rolling budgets.

Detailed explanation-2: -A static budget forecasts revenue and expenses over a specific period but remains unchanged even with changes in business activity. Static budgets are often used by non-profit, educational, and government organizations.

Detailed explanation-3: -What is Continuous Budgeting? Continuous budgeting is the process of continually adding one more month to the end of a multi-period budget as each month goes by. The continuous budgeting concept is usually applied to a twelve-month budget, so there is always a full-year budget in place.

Detailed explanation-4: -A rolling budget, also known as a continuous budget or rolling forecast, changes constantly throughout the year. When one month ends, add another month at the end of the budget. For example, your budget covers January-December of 2021. When January 2021 finishes, you can add January 2022.

Detailed explanation-5: -The use of budgets to control firms’ activities is known as budgetary control. It is a system in which budgets are prepared & the actual results are compared with the forecasted one with the purpose of fixing up responsibility for the deviation.