based on this article, explain how important BUDGETING in management accounting practices.

***Min 500 words***

Not prepare Less prepare Not sure Always Prepare Very Much Prepare Table 4: Percentage of the tasks needed performed in Management Accountant Practices No Tasks Frequency (%) 1. Strategic Management Accounting 25 20 2 Budgeting 18 20 3. Financial Accounting 19 15 4. Product Costing and Calculation 47 17 5. Performance Measurements 21 23 6. Human resources management 28 25 7. Transfer pricing 54 18 8. Standard Costing 48 18 9. It and Information Systems 34 26 10. Reporting 14 12 36 37 36 13 30 10 8 6 21 21 11 16 17 19 7 9 17 24 2 5 14 6 6 2 23 22 6 11 19 44 Table 5: Tasks that most needed in Management Accountant Practices No Tasks Frequency (%) 1 Reporting 44 2. Budgeting 37 3. Financial Accounting 36 Strategic Management Accounting 36 5. Performance Measurements 30 6. Human resources management 22 7. It and Information Systems 19 8. Product Costing and Calculation 13 9. Standard Costing 11 10. Transfer pricing 6 Table 6: Skills that most needed in Management Accountant Practices No Skills *Mean (%) 1. Creativity 2. Communication ability 4.8 3. Ability to work in group 4.9 4. Dare to take on responsibility 4.9 S. Negotiation ability 4.8 6. Qualities of leadership 4.8 7. Critical thinking 8. Positive thinking 4.8 9. IT competence 10 Knowledge/interest in the line of business 4.8 *Notes for scale: himportant very important Not prepare Less prepare Not sure Always Prepare Very Much Prepare Table 4: Percentage of the tasks needed performed in Management Accountant Practices No Tasks Frequency (%) 1. Strategic Management Accounting 25 20 2 Budgeting 18 20 3. Financial Accounting 19 15 4. Product Costing and Calculation 47 17 5. Performance Measurements 21 23 6. Human resources management 28 25 7. Transfer pricing 54 18 8. Standard Costing 48 18 9. It and Information Systems 34 26 10. Reporting 14 12 36 37 36 13 30 10 8 6 21 21 11 16 17 19 7 9 17 24 2 5 14 6 6 2 23 22 6 11 19 44 Table 5: Tasks that most needed in Management Accountant Practices No Tasks Frequency (%) 1 Reporting 44 2. Budgeting 37 3. Financial Accounting 36 Strategic Management Accounting 36 5. Performance Measurements 30 6. Human resources management 22 7. It and Information Systems 19 8. Product Costing and Calculation 13 9. Standard Costing 11 10. Transfer pricing 6 Table 6: Skills that most needed in Management Accountant Practices No Skills *Mean (%) 1. Creativity 2. Communication ability 4.8 3. Ability to work in group 4.9 4. Dare to take on responsibility 4.9 S. Negotiation ability 4.8 6. Qualities of leadership 4.8 7. Critical thinking 8. Positive thinking 4.8 9. IT competence 10 Knowledge/interest in the line of business 4.8 *Notes for scale: himportant very important