Both planning and control are needed for an effective budgeting system

Question

Quizplus · Accepted Answer

Planning and control are two essential components of a budgeting system, which helps organizations to plan their finances and achieve their goals. Through the budgeting process, organizations set targets and allocate resources accordingly. Without proper planning, it would be challenging to create an effective budget, and without control, it would be difficult to monitor progress and make adjustments as necessary. Therefore, both planning and control are needed for an effective budgeting system.

Both Planning and Control Are Needed for an Effective Budgeting