Comment on Budget should be regarded as a master but not as a servant.
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Budget is written document which is concerned for a definite period of future time which is a quantitative statement of management plans and policies and should be used as a guide for the purpose of attaining the given objectives. It is also used as a standard with which actual performance measured. As it is presented based on past data which should be updated, corrected and controlled every time when circumstances change.
So the budget should be regarded not as a master but as a servant.
Budget is written document which is concerned for a definite period of future time which is a quantitative statement of management plans and policies and should be used as a guide for the purpose of attaining the given objectives. It is also used as a standard with which actual performance measured. As it is presented based on past data which should be updated, corrected and controlled every time when circumstances change.
So the budget should be regarded not as a master but as a servant.
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