Budget for

Bases;Based on Time;Based on Condition;Based on Functions; and,Based on Flexibility.These are explained below;Types of Budget Based on TimeBased on time factor budgets can be classified into two types;Long-term Budget, andShort-term Budget.Long-term BudgetThis budget is related to the planning operations of an organization for a period of 5 to 10 years. The long-term budget may be adversely affected due to unpredictable factors. Therefore, from a control point of view, the long-term budget should be supplemented by short-term budgets.Example: Research and Development Budget, Capital Expenditure Budget, etc.Short-term BudgetThis budget is drawn usually for one year. Sometimes a budget may be prepared for a shorter period (like monthly budget, quarterly budget, etc.). Short­term budgets are prepared in detail and these budgets help to exercise control over day-to-day operations.Example: Material Consumption Budget, Labor Utilization Budget, Cash Budget, etc.Types of Budget Based on ConditionBased on conditions prevailing, a budget can be classified into 2 types;Basic Budget, andCurrent Budget.Basic BudgetA budget that is established for use as unaltered over a long period is called Basic Budget.This budget does not take into consideration changes occurring from the external environment which are beyond the control of management. This budget is more useful for top-level management for formulating policies.Current BudgetA budget that is established for use over a short period and is related to the current conditions is called the Current Budget. This budget is adjusted to the current conditions prevailing in the business.Types of Budget Based on FunctionsBased on activities or functions of a business, budgets can be classified into 2 typesMaster Budget, andFunctional Budgets.Master BudgetThe final integration of all functional budgets by the Budget Officer provides the Master Budget. When functional budgets have been completed, the Budget Officer prepares the Master Budget.Master Budget is the summary budget incorporating its component functional budgets, which is finally approved, adopted and employed. [C. I. M. A. (London)l.Master Budget shows the operating profit of the business for the budget period and budgeted balance sheet at its close. This Budget portrays the overall plan for the budget period.The master budget consists of several separate but interdependent budgets. The first step in the budgeting process is the preparation of the sales budget, which is a detailed schedule showing the expected sales for the budget period. An accurate sales budget is the key to the entire budgeting process.If the sales budget is inaccurate, the rest of the budget will be inaccurate. The sales budget is based on the company’s sales forecast, which may require the use of sophisticated mathematical models and statistical tools.We will not go into the details of how sales forecasts are made. This is a subject that is most appropriately covered in marketing courses.The sales budget helps determine how many units

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Templates EDITABLE Paycheck Budget with Cash Envelopes Income Source (Budget, Actual, Income Total) Sinking Funds (Budget, Actual, Sinking Funds Total, Amount Left) Savings (Budget, Actual, Savings Total, Amount Left) Bills (Due, Budget, Actual, Bills Total, Amount Left) Debts (Budget, Actual, Debts Total, Amount Left) Cash Envelopes (Budget, Actual, Cash Envelopes Total, Amount Left) Budget Summary (Income Total, Sinking Funds Total, Bills Total, Debts Total, Cash Envelopes Total Minimal Monthly Budget Tracker Budget Goal Income (Date / Description / Amount / After Tax Fixed Expenses (Date / Description / Amount / Total) Other Expenses (Date / Description / Amount / Total) Recap (Goal / Actual / Difference Earned / Spent / Debt / Saved EDITABLE Weekly Budget - Original Style Month Last week outcoming Planned, Extra, Total Planned budget for the week Actual outcoming of the week Difference Notes Weekly Budget - Casual Style Month Last week outcoming Planned, Extra, Total for each day Planned budget for the week Actual outcoming of the week Difference Notes Weekly Budget - Floral Style Month Last week outcoming Planned, Extra, Total for each day Planned budget for the week Actual outcoming of the week Difference Notes Print ready plannersShow all print ready planners

UsesWith the help of cash budget management exercises control over important activities.The cash flow statement helps the management as well as external parties like shareholders, bankers, auditors, etc.Difference between Budget and ForecastThe terms ‘budget’ and forecast’ are often used interchangeably. But they are not the one and same things. The difference can be discussed as follows:Types of Budget based on FlexibilityBased on flexibility budgets can be classified into two types;Fixed Budget, andFlexible Budget.Fixed Budget (or Static Budget)Fixed Budget is a budget which is designed to remain unchanged irrespective of the level of activity attained. This type of budget is most suited for Fixed expenses, which have no relation to the volume of output. Fixed -Budget is ineffective as a tool for cost control. Fixed Budget is based on the assumption that the volume of output and sales can be anticipated with a fair degree of accuracy.Flexible Budget (or Sliding Scale Budget)Flexible Budget is a budget which is designed to change by the level of activity attained.This budget recognizes the difference in behavior between fixed and variable costs about fluctuations in output. This budget serves as a useful tool for controlling costs. It is more realistic, practical and useful than Fixed Budget.A flexible budget that can be used to estimate what costs should be for any level of activity within a specified range. A flexible budget shows what costs should be for various levels of activity.The flexible budget amount for a specific level of activity is determined differently depending on whether a cost is variable or fixed.If a cost is variable, the flexible budget amount is computed by multiplying the cost per unit of activity by the level of activity specified for the flexible budget. If a cost is fixed, the original total budgeted fixed cost is used as the flexible budget amount.Characteristics of a Flexible BudgetFlexible budgets take into account how changes in activity affect costs. A flexible budget makes it easy to estimate what costs should be for any level of activity within a specified range.When a flexible budget is used in performance evaluation, actual costs are compared to what the costs should have been for the actual level of activity during the period rather than to the budgeted costs from the original budget.This is a very important distinction— particularly for variable costs. If adjustments for the level of activity are not made, it is very difficult to interpret discrepancies between budgeted and actual costs.

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