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Discuss the four elements of the budgeting cycle

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Discuss the four elements of the budgeting cycle

What are the human aspects of budgeting? Do you have a budget for personal expenses? Does it work?

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Discuss the four elements of the budgeting cycle.

The four elements center around the sources of funds, the spending of those funds, what to do with differences and projected financial statements. First, a budget looks at where the money is coming from - collections from customers (business) or paycheck/investments (personal). Next, the budget considers the demands against those inflows. That is, the budget details what spending is needed such as labor and overhead (business) or mortgage/food/utilities/insurance (personal). Third, budgets reveal how the organization will handle shortfalls in money or excesses. If there is a ...

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  • MSc, University of Virginia
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