Definition Of Budget:

Budget is a blue print of future course of action and activities. Budget means expressing the future course of action of an organisation in quantitative terms.

Longman’s Dictionary of Business English defines a budget as “an account of the probable future income and expenditure”.

According to the Institute of Cost and Management Accountants, London, Budget is “a financial and/or quantitative statement, prepared and approved prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective”.