Important Points for IC 26 - Life Insurance Finance Exam
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The vouchers relating to the expenditure of the previous year should be rubber stamped as "Outstanding".
Budget is a measurable statement of a difinite period of time, which includes planned revenues, expenses, assets, liabilities and cash flows for a company.
Budget is a basic instrument of planning. It is based on simple calculations of facts and figures.
Evaluation of the budget should be done in order to remove any shortcomings.
Period of budget is fixed and is prepared for 1 year.
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