Which of the following are important features of the 'Budget'?
(A) The budget is a single-use plan containing expected results in theoretical terms only.
(B) Budgets may be expressed in terms of time, materials or other suitable units capable of numerical expression.
(C) The budget is a plan which quantifies future facts and figures.
(D) The budget projects the expected revenues and expenses for a given period.
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (B), (C) and (D) only
The important features of a budget are:
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(B) Budgets can be expressed in quantitative terms such as time, materials, or money.
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(C) A budget quantifies future plans and expected outcomes.
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(D) A budget projects revenues and expenses for a specific period.
(A) is incorrect because a budget is not merely theoretical — it is a practical, numerical plan used to guide and control operations, though it is indeed a single-use plan.