Guide Budget Classification: 9

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And these programs reduced the depth of poverty for millions more, even when not bringing them above the poverty line. As the chart shows, the remaining fifth of federal spending supports a variety of other public services. These include providing health care and other benefits to veterans and retirement benefits to retired federal employees, ensuring safe food and drugs, protecting the environment, and investing in education, scientific and medical research, and basic infrastructure such as roads, bridges, and airports.

A very small slice — less than 1 percent of the budget — goes to non-security programs that operate internationally, including programs providing humanitarian aid. To the extent that such services are worth paying for, the only way to do so is ultimately with tax revenue.

Frequently Asked Questions

Consequently, when thinking about the costs that taxes impose, it is essential to balance those costs against the benefits the nation receives from public services. Because we discuss total federal spending, we do not distinguish programs financed by general revenues from those financed by dedicated revenues e.

Personal income

We based our estimates of spending in fiscal year on the most recent historical data released by the Office of Management and Budget. Federal fiscal year ran from October 1, , to September 30, The broad expenditure categories presented in this paper were constructed on the basis of classifications commonly used by budget agencies. This is a forecast of outlay on fixed assets as also of the sources of capital budget.

It may differ from that of other budgets as, such expenditure is frequently planned a number of years in advance. The ultimate integration of separate budgets by the accountant provides the. Master Budget which includes estimated profit and loss account for the future period, and an estimated Balance Sheet at the end thereof. This is a budget in which targets are rigidly fixed. Such budgets are usually prepared from one to three months in advance of the fiscal year to which they are applicable.

Thus, twelve months or more may elapse before figures forecast for the December budget are used to measure actual performance. Many things may happen during this intervening period and they may make the figures go widely out of line with the actual figures. Though it is true that, a fixed, or static budget as it is sometimes called, can be revised whenever the necessity arises, it smacks of rigidity and artificially so far as control over costs and expenses are concerned.

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Such budgets are preferred only where sales can be forecast with the greatest of accuracy which means, in turn, that the cost and expenses in relation to sales can be quite accurately ascertained. Meaning and Definition of Budgets 2. Objectives of Budget 3.

Types 4. Requisites 5. Principles 6. Classification 7. Summaries 8.

Essay on Budget: Top 9 Essays

Advantages 9. Budget is an instrument used by management in planning its future activities. According to George R. Budget is a financial statement, but it can be statement of quantities also with or without financial figures. Budget is prepared for a specific period, and it is prepared generally before the period begins. It is a tool of management for planning its future activities including estimate of sales, expenditure production etc.

It is done for indicating the expected results of the business and the possible future line of action to be followed for the attainment of such results. Expected results are projected in financial terms or in other numerical terms like units of products, man hours, machine hours etc. Budget should be based on estimated future requirement for a definite period of time. It should be prepared by taking the help of previous statistical data.

Budget provides predetermined standard of performance for the guidance of the efforts and activities in the business. As budgets provide standards of performance, they usually become the basis for control. Budget plans and forecast the expenditure and performance as regards production, sales, purchases, plant utilisation etc. As coordination means weaving together the segments of the organisation so as to operate at the most efficient level and produce maximum profit.

This is achieved as all the sections like sales, purchase, production, finance, personal etc. Controlling means by systematic appraisal of results to ensure that actual and operations coincide, and remedial actions are taken if there is any deviation. The budget means, by which plans are regularly compared with actual results regarding expenses and performances.

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A system of budget is necessary to plan and control the activities pertaining to production and sales. Budget is a means for the top management to control the business operations centrally. For the proper implementation of the policy and achieving the objectives, here is a need for delegation of authority and responsibility to the executives, based on the blue-print and directions required for execution.

Some Background

Budgets grow from below but are controlled from above. Although different budgets may be prepared for different activities, e. In budgetary programme, sale is a starting point, as sales factor becomes the key factor in the ordinary course in majority of cases. According to W. The budget is prepared to show which finished products can be sold in what quantities and at what prices. And it may be prepared a product-wise, b territory-wise c customer-wise, d period-wise, etc. It is based on sales budget, as it has to provide for the output needed to meet the requirement of the sales budget.

Production budget is prepared in two parts—one showing the estimates in volume or quantities, and the other showing production costs.

Types of Budgets

It helps in the best utilisation of the business resources available for production, reduction in production costs by eliminating wastage, etc. Raw material budget is based upon production budget, as this budget provides for the materials needed for production.

Ford Edge or Similar

It is also a part of production budget like raw material budget. The labour requirement is first ascertained in terms of grades and trades of workers and their supply through the personnel department. The labour budget should be prepared both for direct and indirect labour.