Principles of Budgeting

1. Sponsored by the top management

2. Determination of responsibility centers

3. Determination of controllable costs

4. Organizing budget seminars and training

5. Pre-determination of appropriate time period of budget

6. Terminology of budget should be uniform

7. Goald shall be one which can be archieved

8. Economical costs of budget

9. It should be flexible

10. Top management approval

11. Budget program evaluations

12. Timely corrective action shall be taken

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