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Learn what a budget is, how it is used for planning and control, and how it is classified based on time, condition, and function. Find out the examples of different types of budgets such as long-term, short-term, basic, current, master, and functional budgets. A budget is a plan of action for a future period. Managerial actions that follow their decisions with regard to the aspects of business are based on a budget. Guide to what is Budgeting and its meaning. Here we explain budgeting types, methods, processes, examples, and importance. Budgeting for business plays a vital role in the management control system. It gives a brief understanding of what budgets are, what are budgeting, and its different methods, i.e., zero-based, incremental, traditional, and activity-based. Before we understand the different types of budgeting methods, let us know the meaning of the budget.
