Third step in developing operating budget is making predictions about future. An operating budget is the annual budget of an activity stated in terms of Budget Classification Code, functional/subfunctional categories and cost accounts.

Last step in developing operating budget is implementing decision.

An operating budget is a forecast of the revenues and expenses expected for one or more future periods.

In capital budgeting, term of bond which has great sensitivity to interest rates is long-term bonds. Bond with a maturity period of more than 15 years. Long bonds pay higher interest rates but have greater credit and inflation risk. Also called long bond.

Management is the process of dealing with or controlling things or people.

" bid " means a tender, or an offer, in response to an invitation, by a person, consultant, firm, company or an organization expressing his or its willingness to undertake a specified task at a price

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

In terms of Rule 13 of the Public Procurement Rules 2004 the minimum response time shall not be less than fifteen (15) days for national competitive bidding and thirty (30) days for international competitive bedding.

“Budgetary control is a system of controlling costs which includes the preparation of budgets, coordinating the departments and establishing responsibilities, comparing actual performance with the budgeted and acting upon results to achieve maximum profitability.” 

Cash Inflow describes all of the income that is brought to your business through its activities.

Cash Outflow includes any debts, liabilities, and operating costs.

A qualified opinion is one of four possible auditor's opinions on a company's financial statement.