In general term budget is a estimation of revenue and expenditure, budget can be made for person, a family, a corporation and nation. Budget is mainly prepared by government (ministry pf finance) to estimation of revenue and expenditure of nation for every fiscal years. generally it is prepared and announced before the end of current Fiscal year and estimation shown for next fiscal year.
Budget is a summary of previous/ongoing fiscal years revenue, expenditure and achievement and estimation of revenue and expenditure for up coming fiscal years. Budget also includes the strategy, mission, goals for achievement and development of nation , they includes/announce /planes big projects, investment sectors, development sectors and works, social securities plans so many things which is necessary for the nation for its development and budget estimates announces for financing of the same projects and they announces the money portion that is going to invested and spend in the stated sectors and works. simply budget is announced for once in a fiscal year but there are some countries who prepares and announces budgets more than once time in a fiscal year.
Features of Budget:
- Budget is a summary of revenue and expenditure of last period and estimation for revenue and expenditure for coming time of period.
- Budget includes the mission, strategy, goal, vision for the development of nation.
- Budget includes the money estimation for invest or spend in the stated sector or work.
- Budget includes the development works, financing work & social service responsibility work and announces the financing amount for the same sector as stated in budget.
- Budget is prepared periodically and announced accordingly.
- Personal & family budget may be easy to prepared, estimate, spend and achieve however, corporate & national budgets are vast and complex, work and implementation departments must work carefully and timely for achieving the vision/mission/goal of budget.
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