what is budgeting, Forecasting, Difference between budget and forecast, pre-payments, accruals. Basic excel questions.

Question

Accepted Answer

Budgeting and forecasting are financial planning tools used to estimate future revenues and expenses. Pre-payments and accruals are accounting concepts used to record expenses in the appropriate period.

Budgeting involves creating a detailed plan for future revenues and expenses, typically for a specific period of time.
Forecasting involves predicting future financial outcomes based on historical data and trends.
The main difference between budgeting and forecasting is that budgeting is a planned target, while forecasting is an estimate of what is likely to happen.
Pre-payments refer to expenses that are paid in advance, while accruals refer to expenses that have been incurred but not yet paid.
Basic Excel questions may include functions like SUM, AVERAGE, and VLOOKUP, as well as formatting and data analysis techniques.

what is budgeting, Forecasting, Difference between budget and forecast, pre-payments, accruals. Basic excel questions.

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