Respond to each of the following questions:
Length: 2 pages (668 Words)
Budgeting is responsible for accounting and control of funds that are entrusted to institutions by taxpayers, donors and students (Palmer, 2014). Despite the process being time consuming, it is guided by public statues and accounting principles that specify how and when the budget ought to be reported. Second, the budget is a reflection of how unrestricted resources or those that are not secured by law decisions are assigned to aid the organization in achieving its mission. Therefore, it assures fiscal accountability and reflects explicit or implicit theories of resources utility optimally according to the institution’s purpose.
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