What is the difference between budget and forecast
6 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 18 March 2021
Both are same. Budgeting is a forecasting tool.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 18 March 2021
Both are same. Budgets are prepared by forecasting future receipts and payments
sabyasachi mukherjee
(27574 Points)
Replied 18 March 2021
BUDGET IS A PREPATORY STATEMENT OBVIOUSLY WITH SOME ASSUMPTIONS FOR FORECASTING FUTURE TRANSACTIONS.
Kapadia Pravin
(17259 Points)
Replied 18 March 2021
The key difference between a budget and a forecast is that a budget lays out the plan for what a business wants to achieve, while a forecast states its actual expectations for results, usually in a much more summarized format. ..
sabyasachi mukherjee
(27574 Points)
Replied 18 March 2021
IN ORDER TO MAKE A FORECAST REALISTIC YOU NEED TO STATE THE ASSUMPTIONS WHICH ARE EVIDENTLY NECESSARY.
Kapadia Pravin
(17259 Points)
Replied 18 March 2021
Both budget and forecast are based on key assumptions. This is common and not difference .
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