1. <u>Master budget:</u> it is an integrated set of operating and financing budgets for a period of time.
2. <u>Production budget:</u> it estimates the number of units to be manufactured to meet sales and inventory levels.
3. <u>Flexible budget:</u> it shows expected results at several activity levels.
4. <u>Sales budget:</u> it begins by estimating the quantity of sales.
5. <u>Static budget:</u> it shows expected results at only one activity level.
A budget can be defined as a financial plan that is used for the estimation of revenue and expenditures of an individual, organization or government, especially for a specified period of time, often one (1) year.
Basically, there are different types of budget and this include:
1. <u>Master budget:</u> it comprises an integrated set of both investing, operating and financing budgets for a specified period of time, often one (1) year.
2. <u>Production budget:</u> it estimates the number of units to be manufactured by a business firm, so as to meet budgeted sales and inventory levels.
3. <u>Flexible budget:</u> it shows expected results of a business firm (responsibility center) at several activity levels.
- It is also referred to as variable budget and it's used both before and after a period's activities are completed.
4. <u>Sales budget:</u> it begins by estimating the quantity of sales.
- Once the quantity of sales are estimated, the sales revenue that are expected is calculated by multiplying the expected unit sales price by the volume.
5. <u>Static budget:</u> it shows expected results of a business firm (responsibility center) at only one activity level.
- A static budget is usually based on a predicted amount of sales or any other measure of activity.
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