Annual Budget: Meaning & Definition


An annual budget refers to the approved budget which outlines both income and expenditures that are expected to be received or paid over the coming year. Annual budget is prepared by the business organization annually to project the coming year's revenue and and the expenditures. As annual budget is the financial plan for a year, It helps to control the cost my eliminating all unnecessary expenses. It also helps to balance the expenditures with projected revenue.

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