1.Estimates Receipts and Expenditure:
It enables the school to obtain accurate estimates of the anticipated receipts and expenditure
It should enable the manager to make accurate forecast of the expected receipts and expenditure during a definite period of time. Estimates of receipts and expenditures also help to balance the budget. This prevents budgetary deficits.
2.Comprehensive and Equitable View of all Services
Enables a school to have a comprehensive view of all its services regardless of their magnitude. This enables an equitable allocation of financial resources in all the services of an educational institution.
3.Basis for Accounting
A budget should help in ensuring efficiency in accounting procedures.
4.Determining the Quality and Quantity of Services
Budgeting facilitates a systematic plan for evaluating the quality and quantity of services needed in an educational organization.
5.A Plan for Attaining Purposes
An effective financial management enables an educational organization to achieve its purpose in the manner desired by the society. Therefore, a school budget is a plan for attaining the purpose of the school.
6.Conferment of Authority
An approved budget confers authority to the school manager to charge fees and other levies, and to spend the monies on the approved items.
7.Economic Administration of an Educational Organization
A well planned and executed budget enables educational organizations to be managed in an economical manner. A budget plan should ensure prudent financial management.
Titany answered the question on August 20, 2021 at 10:21
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