ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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set personal and financial goals
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compare your budget to what you have actually spent
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review financial progress
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monitor current spending patterns
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Detailed explanation-1: -The final phase of the budgetary process is considered the audit as everything is performed prior to the audit. The audit must be performed after numbers and a full budget has been finalised.
Detailed explanation-2: -The final phase of the budgetary process is audit and evaluation.
Detailed explanation-3: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.
Detailed explanation-4: -Budgetary planning is the process of constructing a budget and then utilizing it to control the operations of a business. The purpose of budgetary planning is to mitigate the risk that an organization’s financial results will be worse than expected. The first step in budgetary planning is to construct a budget.
Detailed explanation-5: -Identification of Investment Opportunities. Development and Forecast of Benefits and Costs. Evaluation of Net Benefits. Authorization for Progressing and Spending Capital Expenditure. Control of Capital Projects. 03-Dec-2021