What is actual budget and revised budget?

Budget Estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Revised Estimates: Revised Estimates are mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc.

What is revised budget?

Revised Budget means a budget through which major changes are made in respect of receipts or payments for which either no provision is available or the provision available is inadequate in the current year’s budget. Sample 1. Save. Copy.

What are the differences between actual and budgeted expenses for your company budget?

A budget variance is the difference between the budgeted or baseline amount of expense or revenue, and the actual amount. The budget variance is favorable when the actual revenue is higher than the budget or when the actual expense is less than the budget.

Why the budgeted and actual figures are different?

There are several reasons why there will discrepancies between the budget and the actual amount for expenditures and revenues. These differences can occur because of the strength of the economy, consumer needs or preferences and the actions of competitors.

What is actual budget estimate?

The actuals are the numbers that represent the real amount extended by the government to the sector concerned. Budget estimates represent the government’s wishes and ambitions. Revised estimates show how the expenditure is likely to pan out. Actuals give the real number for how much was really extended.

What is the difference between a budget adjustment and a budget revision?

A Budget Adjustment moves an existing budget allocation within an account. A Budget Revision increases the total account budget. When there is budget allocation available in an account it may be moved from one object code to another through a budget adjustment.

What is the difference between planned expenses and actual expenses?

The difference between planned and actual expenditure is unplanned inventory investment. When firms sell less of their product than planned, stocks of inventories rise. Because of this, actual expenditure can be above or below planned expenditure.

What was the difference between the budgeted income and the actual income?

The difference between the actual and budgeted income statement is known as a variance. Budget variance is known to be favorable when the actual revenue is higher than the estimate. Managers can control the budget variances by controlling the expenses.

Is the difference of the actual cost and the expected cost?

Cost variance is the difference between the actual cost and the budgeted or planned costs. For example, if a company had repairs done for $1150 but the budget amount was $800, the company had a cost variance of $350.