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Define Budgeting and Control

question 37

Essay

Define budgeting and control. How are budgets used in planning? How are budgets used to control? What are some of the reasons for budgeting?


Definitions:

Accounting Information

The systematic and comprehensive recording of financial transactions pertaining to a business, which is used for analysis, planning, and decision-making.

Cash Flows

The total amount of money being transferred into and out of a business, particularly affecting its liquidity, operational capabilities, and financial health.

Statement

A record that summarizes financial activities, such as income and expenses, over a specific period.

Design Services

Professional services that envision and plan the construction, functionality, and aesthetics of various projects or components.

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