Question

Explain different types of budget in management accounting

Answer 1

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Types of Budgets in Managerial Accounting. ... These budgets are classified according to their usage and include Sales budget, Production budget, Direct materials usage budget, Direct materials purchase budget, Direct labor budget, Factory overhead budget, Selling and administration budget and Cash budget.

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Answer 2

Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. Budgeting is simply balancing your expenses with your income.