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Capital budgeting deals with the process of planning for purchases of assets whose returns are expected to continue beyond one year. A capital expenditure is a cash outlay that is expected to generate a flow of future cash lasting longer than one year. A capital expenditure is distinguished from a normal operating expenditure, which is expected to result in cash benefits in the coming one-year period (Contemporary Financial Management). For any company to succeed there need to be controls on the income and expenditure in order to control costs. An example of this is a budget. A budget is defined as a quantitative plan of action, and an aid to co-coordinating and implementing the plan (Introduction to Management Accounting). Budgets may usually refer to an on going project, but it may equally be important when considering capital expenditure. A budget is a predetermined plan that is used to determine...

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