√ Definition of Budget and 11 Types of Budget (Complete)
Definition of Budget and 11 Types of Budget (Complete) – Every company must have a good calculation of what is in the company in detail with even the slightest detail.
Definition of Budget and 11 Types of Budget (Complete)
With a well-calculated budget, it will be possible to estimate how the company will be in the coming period. To be able to find out what a budget is, we will explain its types in full as follows.
Definition of Budget
The budget is a plan that has been determined or arranged systematically which includes all activities owned by the company which can be expressed into units. monetary unit that applies within a certain period of time or within a certain period, within the company is stated to a monetary unit unit that will apply with a period and period future.
The company's budget is a process of activities and also controls the company's operating activities which will be stated in an activity. This is expressed in an activity in units of money that already has the goal of being able to project the company's operations in projecting its finances.
Types of Budgets
The following are the types of budgets which will be explained below:
1. Sales Budget
This type of budget regarding all sales plans during a specified period which will be stated in units of money and also the quantity of sales.
This type budget can be arranged based on the sales projections that will be provided by the company. The company budget is a budget that can explain in detail about the company's sales in the future.
2. Production Budget
This type of budget concerns all planned units to be produced during the budget period. In this production estimate is determined based on plans from sales or inventories that have been planned. This budget is the basis of production costs, labor costs, raw material costs, and factory costs.
3. Raw Material Cost Budget
This type of budget concerns all kinds of estimates regarding the raw materials needed in the production process by stating a quantity of raw materials and units of money. From this budget, you will be able to find out the purchase of raw materials that will be used as the basis for preparing the cash and profit and loss budget.
4. Direct Labor Cost Budget
This type of budget concerns estimates of labor costs over several budget periods that will be used as the basis for preparing cash budgets and profit and loss. In general, this arrangement is a calculation of work costs, known as two kinds of calculations, such as wages per unit and wages per hour.
5. Factory Overhead Budget
This type of budget covers factory overhead costs for several budget periods used in preparing cash and profit budgets.
6. Inventory Budget
This type of budget concerns the inventory owned by the company in a certain period with detailed and clear planning.
7. Production Cost Budget
This type of budget is about marketing costs and the general administrative cost budget is about estimated installation costs, administrative costs and also general costs.
8. Program Budget
This type of budget concerns the operating budget which is based on all the company's main programs of various types or product families such as research and development programs.
9. Accountability Budget
This type of budget concerns the operating budget which is prepared based on the center of responsibility in a company.
10. Capital Expenditures Budget
This type of budget concerns the planning budget for changes in a company's fixed assets during a certain period of the budget.
11. Cash Budget
This type of budget concerns the sources and uses of cash within a certain period. This budget is composed of various operating budgets as well as capital expenditures on the basis of preparing a balance sheet budget.
12. Profit and Loss Budget
This type of budget concerns the profit and loss that the company earned during the specified period. This budget is used as the basis for preparing the balance sheet.
13. Balance Budget
This type of budget concerns a plan regarding financial position such as assets, capital, and also debts owned by the company from the beginning to the end of the period.
14. Budget for Changes in Financial Position
This type of budget regarding plans for changes in company assets, debt and capital during the specified period.
Here's an explanation about Definition of Budget and 11 Types of Budget (Complete) explained by knowledge. With the right budget the company can continue to exist and provide a lot of income. Hopefully useful 🙂
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