Question

8) ---------- provides set of guidelines about budget [Provide detail explanation and type your answer and do not copy the answer from chegg study ]

it comes under budgeting

Answer 1

Planning provides set of guidelines about budget. In business, planning is done to understand various incomes and expenses and then the budget is made accordingly. Key benefit of planning in budgeting is that if you plan ahead you can overcome any unforeseen events too because while budgeting we take contingencies into account too. Budgeting sets targets for each operation in business as it aids in planning of actual operations. It encourages the personnel to achieve the budgeted goals. Budgeting helps in calculating variances with actual spending. Hence the right way to prepare a budget is to plan first.