Describe the value of the monthly budget report, the quarterly budget report, and the fiscal year budget report. What would occur without reviews of budget reports?
A Budget Report (BR), in general, helps one control, revise, and monitor income and expenditures or financial matters. Organizations are able to compare what goes out (accounts payable) to what comes in (accounts receivable). This is done by looking at performance (e.g. sales) and comparing the numbers to budgeted data. Variance occurs as a contrast between what is actual and what was budgeted monthly, quarterly, or fiscally.
The value of the Monthly Budget Report (MBR) is firstly that it is one of the most popular, shortest or quickest "period of time" budget that gives entities columns separately for each month. After monthly comes quarterly or the budget that occurs four times per year. Lastly, it is the fiscal or annual budget report that occurs ...
This solution discusses the value of monthly, quarterly and yearly budget reports.