Muhammad Asif Umer
Finance Manager - 3 years ago
A few differences are as below;1.
The nature of balance sheet is related to "Balances (i.e; Assets, Liabilities, Equity)" (Unless projected) Vs The nature of Budget is related to "Transactions (i,e; incomes and expenses) (In general)2.
Balance sheet represents current financial position Vs budget is an estimate of future transactions3.
Balance sheets gives net worth of company/business Vs budget gives an idea of future prospects4.
Balance sheet is a result of past activities Vs budget monitors future activities