Managerial Accounting (15th Edition)

Published by McGraw-Hill Education
ISBN 10: 007802563X
ISBN 13: 978-0-07802-563-1

Chapter 8 - Master Budgeting - Questions - Page 370: 8-1

Answer

A budget is a detailed plan for the future that is usually expressed in formal quantitative terms. Budgetary control involves gathering feedback to ensure that the plan is being properly executed or modified as circumstances change.

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