Briefly state why you agree or do not agree with the The term forecast can be used to mean budget.

Management Accounting Block Revision Mock Exams

Forecast – is a prediction of „what will‟ happen as a result of a given set of circumstances. It is therefore a judgement that can be done by any competent person.

Budget – is a planned result that an enterprise aims to attain. It is therefore an enterprise‟s objective that may be specified only by the authorized management.

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