Question

write the various levels on which a budget is prepared​

Answer 1

Explanation:

The following steps can help you create a budget.

Step 1: Note your net income. The first step in creating a budget is to identify the amount of money you have coming in. ...

Step 2: Track your spending. ...

Step 3: Set your goals. ...

Step 4: Make a plan. ...

Step 5: Adjust your habits if necessary. ...

Step 6: Keep checking in.

Answer 2

Answer:

1. Long Term Budget:

The budgets are prepared to depict long term planning of the business. The period of long term budgets varies between five to ten years. The long term planning is done by the top level management; it is not generally known to lower levels of management. Long time budgets are prepared for some sectors of the concern such as capital expenditure, research and development, long term finances, etc. These budgets are useful for those industries where gestation period is long i.e., machinery, electricity, engineering, etc.

2. Short-Term Budget:

These budgets are generally for one or two years and are in the form of monetary terms. The consumers goods industries like sugar, cotton, textile, etc. use short-term budgets.

3. Current Budget:

The period of current budgets is generally of months and weeks. These budgets relate to the current activities of the business. According to I.C.W.A. London, “Current budget is a budget which is established for use over a short period of time and is related to current conditions.”

Explanation:

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