3 a. Define budgeting b. Define inventory c. State objective of inventory control d. Explain 6 reason of consulting a physical inventory e. State 5 principles of budgeting f. Explain 5 approches that can be used in budgeting

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### a. Budgeting is planning for financial resources over a period, estimating revenues and expenses, and allocating resources to meet objectives. ### b. Inventory is goods and materials a business holds for resale, production, or operations. ### c. Inventory control aims to maintain optimal levels to meet demand, minimize costs, and improve efficiency. ### d. Reasons for physical inventory include verifying accuracy, preventing loss, financial reporting, operational efficiency, tax compliance, and planning. ### e. Budgeting principles include clear objectives, realism, flexibility, participation, and monitoring. ### f. Budgeting approaches include incremental, zero-based, activity-based, flexible, and rolling forecasts.

3 a. Define budgeting b. Define inventory c. State objective of inventory control d. Explain 6 reason of consulting a physical inventory e. State 5 principles of budgeting f. Explain 5 approches that can be used in budgeting

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3 a. Define budgeting b. Define inventory c. State objective of inventory control d. Explain 6 reason of consulting a physical inventory e. State 5 principles of budgeting f. Explain 5 approches that can be used in budgeting

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