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    the financial goals of the firm.

    In order to be useful, the budget must be drawn up for a specific time period. Usually, the budget is drawn

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    Procurement describes the acquisition of goods or services at the best possible cost, in the right quantity, time and place, for the direct benefit of the firm. The question now arises: how do you prioritize when you only have a limited amount of money to spend? That’s where the role of budgeting comes in.

    A budget is a quantitative expression of financial plans. How are budgets useful? Budgets induce management to think systematically about the future. They also serve as a device for coordinating the complex operations of the business, and provide a medium for communicating the financial goals of the firm.

    In order to be useful, the budget must be drawn up for a specific time period. Usually, the budget is drawn u

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    of the firm. The question now arises: how do you prioritize when you only have a limited amount of money to spend? That’s where the role of budgeting comes in.

    A budget is a quantitative expression of financial plans. How are budgets useful? Budgets induce management to think systematically about the future. They also serve as a device for coordinating the complex operations of the business, and provide a medium for communicating the financial goals of the firm.

    In order to be useful, the budget must be drawn up for a specific time period. Usually, the budget is drawn

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    ing comes in.

    A budget is a quantitative expression of financial plans. How are budgets useful? Budgets induce management to think systematically about the future. They also serve as a device for coordinating the complex operations of the business, and provide a medium for communicating the financial goals of the firm.

    In order to be useful, the budget must be drawn up for a specific time period. Usually, the budget is drawn

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    ally about the future. They also serve as a device for coordinating the complex operations of the business, and provide a medium for communicating the financial goals of the firm.

    In order to be useful, the budget must be drawn up for a specific time period. Usually, the budget is drawn

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    the financial goals of the firm.

    In order to be useful, the budget must be drawn up for a specific time period. Usually, the budget is drawn up for a year. The operating budget for the firm may be constructed in terms of programs or responsibility areas. The program budget is developed in terms of products that are regarded as the principal programs of the business. Such a budget shows the expected costs and benefits of various products and services.

    A cost center is responsible for keeping track of costs and expenses. To assess its performance, the actual costs are compared with the budgeted costs. The latter represent expenses that should have been incurred, given the actual activity level. The variance between a

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