After studying this chapter, you should be able to:

14.1 Understand budgets and their role in successful organizational function.
14.2 Explain the different budgeting systems.
14.3 Comprehend the critical components of a budget.
14.4 Apply different budgeting systems depending on the circumstances.
14.5 Use budgets for management decisionmaking.
14.6 Understand the ethics of using budgets as control.