Budget planning is a critical managerial accounting function where future activities and operational plans of an organization are transformed into detailed budgets to forecast revenues, expenses, and financial goals.
Budgetary control is the process through which financial control is exercised within an organization by preparing budgets for income and expenditure in advance, comparing them with actual performance, and taking necessary actions on variances.
A Capital Expenditure Budget plans for significant investments in long-term assets, covering the costs of major projects or purchases essential for sustaining or growing an organization's operations.
A Media Plan is a crucial element in an advertising strategy. It specifies the media to be used, outlining media objectives and strategies within a designated timeframe and budget.
A 'shortfall' occurs when the amount of something, such as revenue or contributions, is smaller than what was planned or budgeted for, leading to a deficit.
