INTRODUCTION Budget though seems straightforward is very complicated on its own It has covered a long passage of time since the emergence of bookkeeping now Traditionally budget means formulating a plan and strategy of allocation of resources that one desire to spend in the coming future It basically specifies when and how the estimated amount is to be spent for predetermined objective during the given set of time And since its emergence the budget has played a vital role in the emergence and success of an organization an efficient budgetary control system assists the managers to execute various managerial functions whereas if the same has not been compiled and executed the way it has been can lead the same organization to touch the rock bottom But with the advancement of computer based information technology the budget has seen its ever new zenith Budget its history and its evolution The very definition and origin are different according to different authors In general for layman budget is it s making sure that you re spending less than you're earning and planning for both the short and long term Fontinelle 2017 The concept of the budget came in view in around 1580 s during the rule of Queen Elizabeth 1 in England but the concept of annual budget was appeared in the early 18th century http www telegraph co uk 2007
