Budget classification on the basis of time, Financial Management

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ON THE BASIS OF TIME

• Long term budget:  as per the National Association of Accountants, America, a long term budget is a systematic and formalized process for purposeful controlling and directing future operations in the direction of a desired objective for periods extending beyond one year.

• Short term budget:  It covers a budget period of less then one year or one year.

• Current budget: This budget covers a very short period like a month or a quarter.  They are basically short term budgets adjusted to prevailing circumstances or current conditions.


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