ocr: ABudget The hartered Institute of Mlanagement Accountants, (CIMA), detine a budget as: "Ap plan quantified in monetary terms, prepared and approved prior to a defined period oftime, usually showing planned income to be generated and/or expenditure to be incurred during that period and the capital to be employed to attain a given objective" The key points to bear in mind trom this detinition are. Al budget is a plan prepared in advance ofan actual trading period A - budget is expressed quantatively in financial terms Ai budget represents the means ofachieving a given end (the organisational obj ...
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