What is budgeting and costing?

Question

Accepted Answer

Budget is a financial plan for a specific period while costing is the process of estimating the expenses of a project or product.

Budget is a plan that outlines the expected income and expenses for a specific period.
Costing involves estimating the expenses of a project or product, including direct and indirect costs.
Budgeting and costing are important for businesses to ensure financial stability and profitability.
Examples of budgeting and costing include creating a budget for a marketing campaign or estimating the cost of producing a new product.
Effective budgeting and costing can help businesses make informed decisions and allocate resources efficiently.

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