You have overheard the following statements: (a) ‘A budget is a forecast of what is expected to happ
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You have overheard the following statements:
(a) ‘A budget is a forecast of what is expected to happen in a business during the next year.’
(b) ‘Monthly budgets must be prepared with a column for each month so that you can see the whole year at a glance, month by month.’
(c) ‘Budgets are OK but they stifle all initiative. No manager worth employing would work for a
business that seeks to control through budgets.’
(d) ‘Activity-based budgeting is an approach that takes account of the planned volume of activity
in order to deduce the figures to go into the budget.’
(e) ‘Any sensible person would start with the sales budget and build up the other budgets from there.’
Required: Critically discuss these statements, explaining any technical terms.
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