Asked by
Spencer Morton
on Oct 23, 2024
Verified
Budgets can be used as a benchmark against which to evaluate performance and control costs.
Control Costs
The act of monitoring and managing expenses to adhere to a budget or improve efficiency, ensuring profitability and financial stability.
Benchmark
A standard or point of reference against which things may be compared or assessed, often used in performance analysis.
Evaluate Performance
The process of assessing the efficiency, effectiveness, and productivity of individuals, groups, or systems.
- Understand the concept and purpose of a budget in an organization.
- Recognize the role of budgets in performance evaluation and cost control.
Verified Answer
MO
Learning Objectives
- Understand the concept and purpose of a budget in an organization.
- Recognize the role of budgets in performance evaluation and cost control.
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