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MTP_Intermediate_Syllabus 2016_June2020_Set2Paper 5 Financial Accounting, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament)Page 1MTP_Intermediate_Syllabus 2016_June2020_Set2 Paper

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Budgeting and accounting are two closely related departments within an organization. Budgeting involves creating a financial plan for the future, while accounting involves tracking and reporting on the financial activities of the organization.

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To fill out the budgeting and accounting relationship department, financial professionals must gather information on income, expenses, assets, and liabilities. They must then create a budget that aligns with the organization's financial goals and objectives.

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Information that must be reported on the budgeting and accounting relationship department includes income sources, expenses, assets, liabilities, budget variances, and financial performance metrics.

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