Four phases comprise the Philippine budget process, specifically: (1) Budget Preparation; (2) Budget Legislation; (3) Budget Execution; and (4) Accountability. Each phase is distinctly separate from the others but they overlap in the implementation of the budget during the budget year.

What are two components of a budget?

Your budget should consider:

• Income. The most basic element of all budgets is income.
• Fixed expenses. Fixed expenses are those expenses over which you have little control or are unchangeable.
• Flexible expenses.
• Unplanned expenses and savings.

What are the two main components of budget?

Ans. There are two primary components of a government budget, namely – the capital budget and revenue budget. Capital budget accounts for the assets and liabilities under the government. Revenue budget, on the other hand, accounts for the total revenue generated and the expenses met through this revenue.

What are the two components of a government budget?

There are two primary components of a government budget, namely – the capital budget and revenue budget. Capital budget accounts for the assets and liabilities under the government. Revenue budget, on the other hand, accounts for the total revenue generated and the expenses met through this revenue.

What does it mean to have a budget?

The government budget is an annual fiscal statement depicting the revenues and expenditures for a financial year that is often moved by the legislature, sanctioned by the Chief Executive or President, and given by the Finance Minister to the country. The budget is also known as the Annual Financial Statement of the nation.

What should be included in a production budget?

While preparing a production budget, the factors like sales forecast, budgeted stock requirements, plant capacity, policy of management regarding purchase of components etc. are taken into account. It is very necessary to coordinate production with sales budget to avoid imbalance in production. 4. Production Cost Budget:

What are the components of an SG & a budget?

Companies must also plan an SG&A budget. SG&A consists of variable and fixed components. The expected quarterly sales are multiplied by the variable cost per unit. Most fixed items will be the same each quarter, although some fixed costs, such as an advertising campaign, can fluctuate periodically.