Difference between budget and forecast with examples
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______________________________Comparison Chart
BASIS FOR COMPARISON BUDGET FORECAST
Meaning A budget is a financial plan expressed in quantitative terms, prepared by the management in advance for forthcoming period. Forecast means estimation of future trends and outcomes, based on the past and present data.
What is it? It is the financial expression of a business plan or target. It is the prediction of upcoming events or trends in business, on the basis of present business conditions.
Target Budget sets target. There are no targets.
Updation Annual basis At regular intervals
Estimates What business wants to achieve What business will achieve
______________________________
Hope it helps☺☺☺
______________________________Comparison Chart
BASIS FOR COMPARISON BUDGET FORECAST
Meaning A budget is a financial plan expressed in quantitative terms, prepared by the management in advance for forthcoming period. Forecast means estimation of future trends and outcomes, based on the past and present data.
What is it? It is the financial expression of a business plan or target. It is the prediction of upcoming events or trends in business, on the basis of present business conditions.
Target Budget sets target. There are no targets.
Updation Annual basis At regular intervals
Estimates What business wants to achieve What business will achieve
______________________________
Hope it helps☺☺☺
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