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BUDGET-DEFINITION MEANING AND PURPOSE

A budget is defined as a comprehensive and coordinated plan, expressed in financial terms, for the operations and resources of an enterprise for some specified period in the future. According to this definition, the essential elements of a budget are: (i) Plan. (ii) Operations and resources. (iii) Financial terms, (iv) Specified future period, (v) Comprehensiveness, and (vi) Coordination.

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