what is one difference between yearly and monthly budgets?
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a. Yearly budgets show a greater degree of planning, so it is appropriate to plan expenses more strictly and in a more detailed fashion in a yearly budget. ... Monthly budgets should focus on the short term, so it is not appropriate to consider planned but future expenses (such as a vacation) in a monthly budget.
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A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
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Monthly interest rate means you will get interest by three months, four months or six months even twelve months in a year. This is also known as compounding interest. Annual interest rate means you are getting interst rate only once in a year. ... That means he gets 5 percentage interest once in a year.
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The main difference between recurring and non-recurring expenses is the difference between regular, fixed expenses one-time or extraordinary expenses. Recurring expenses typically appear on a company's income statement as indirect costs and are also factored into the balance sheet and cash flow statements.
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A personal budget is the overall cost of the care and support the local authority provides or arranges for you. ... Direct payments are a funding choice in personal budgets. They allow you to purchase your own care and support services, with the aim of maximising your involvement and control over how your needs are met.
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What is the primary difference between a static budget and a flexible budget? -The static budget contains only fixed costs, while the flexible budget contains only variable costs. -The static budget is prepared for a single level of activity, while a flexible budget is adjusted for different activity levels.
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Budgeting focuses on immediate money issues. Once you have a plan in place, you build a spreadsheet so you can trace where you're spending money. ... Financial planning, on the other hand, considers what you can be with your money.
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The key difference between budget and budgetary control is that budget is an estimation of revenues and costs for a period whereas budgetary control is the systematic process where management uses the budgets prepared at the beginning of the accounting period to compare and analyze the actual results at the end of the ...
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>Budgeting for Periodic Expenses. Fixed expenses include your rent and other bills that are the same amount every month. Your fixed expenses also include occasional expenses that are billed once every few months or once a year. These are called periodic fixed expenses.
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Explain the difference between an annual budget deficit and the public debt. An annual deficit is the yearly shortfall between income and outgo while public debt is the government's total outstanding indebtedness.
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Fiscal is related to public money , taxes etc. hence the year considered by the government for its accounting of revenues and taxes etc is called fiscal year, whereas financial year is the year adopted by a particular business as its accounting year.
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A budget is used to plan ahead for the organisation or a project, whereas the cashflow forecast is used to manage cash tightly eg. to ensure the bank account is not overdrawn.
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Whats the difference between "fixed" and "flexible" expenses? Fixed: expenses that are the same every month. EX: car payment. Flexible: expenses that can change from month to month.
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Budgets deal with the here and now as well as the near future. A budget where finances are adequate illustrates where the money is going. ... The main focus of a long range plan is not necessarily on money, but rather on illustrating strategies and actions for achieving desired goals that may or may not involve finances.
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The difference between working capital management and capital budgeting is: Working capital management has a long term focus, while capital budgeting is focused on a short-term timeframe. ... Working capital focuses on current assets and liabilities, while capital budgeting concentrates on long-term project evaluation.
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Calendar Year vs. A calendar year is always January 1 to December 31. A fiscal year, by contrast, can start and end at any point during the year, as long as it comprises a full twelve months. A company that starts its fiscal year on January 1 and ends it on December 31 operates on a calendar year basis.
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In cost accounting, a budget is a financial plan that includes both financial and non-financial information. Its most obvious features are a projection of revenue (how much you anticipate selling) and expenses (how much you anticipate spending). ... And a budget looks into the future.