The purpose of budgeting is to:
A)Get a forecast of resource usage of the next financial year only.
B)Facilitate organisational planning and control.
C)Request more funding.
D)All of the options are correct.

Question

Quizplus · Accepted Answer

The purpose of budgeting is to facilitate organisational planning and control. Budgets provide a framework for setting priorities and allocating resources effectively. They also help in monitoring performance and taking corrective actions if necessary. The other options (A, C and D) are not accurate as budgeting involves forecasting resource usage for a specified period, controlling spending and not necessarily requesting for more funding.

The Purpose of Budgeting Is To