A budget is an estimate of revenue and expenditure to be incurred by the school over...

 

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A budget is an estimate of revenue and expenditure to be incurred by the school over the financial year (January to December). A budget serves as a plan of action for achieving quantified objectives, a way of measuring performance and a device for coping with foreseeable adverse situations. It is the responsibility of both the board and principal to ensure a budget is prepared. Often a finance committee may be set up which will include the principal and at least one board member who are tasked with preparing the budget. It is the responsibility of the board to approve the budget. The Namibia education sector legal framework require educational institutions to follow certain steps when preparing budgets. Required: Discuss, in detail, the budgeting process that is supposed to be followed by Namibia educational institutions. A budget is an estimate of revenue and expenditure to be incurred by the school over the financial year (January to December). A budget serves as a plan of action for achieving quantified objectives, a way of measuring performance and a device for coping with foreseeable adverse situations. It is the responsibility of both the board and principal to ensure a budget is prepared. Often a finance committee may be set up which will include the principal and at least one board member who are tasked with preparing the budget. It is the responsibility of the board to approve the budget. The Namibia education sector legal framework require educational institutions to follow certain steps when preparing budgets. Required: Discuss, in detail, the budgeting process that is supposed to be followed by Namibia educational institutions.

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The budgeting process followed by educational institutions in Namibia involves several steps to ensure effective financial planning and resource allocation Here is a detailed discussion of the budgeti... View the full answer