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Types of budgeting depend on the use of the budget which could either be personal or business budgets. Business and Personal Budgets. Budgeting is simply the creation of a plan to properly manage money. A budget usually covers a period of time; for instance, a one-year or five-year budget plan.
See a method of direct capitalization with budgetary control that eliminates the need to post to the internal order and settle it. This method is best suited for simple budget monitoring of certain groups of assets â for example, lump sum budgets for furniture and fittings.