Importance The article examines budgeting and its role for preparation of reliable accounting information and forming an effective corporate budgeting system under the economic crisis. Objectives Based on the historical approach, the research specifies the content of contemporary budgeting, determines its role and place within the system of management accounting. Methods The article reviews historical premises for contemporary budgeting and focuses on the relation between reasonable budgeting and cameral accounting, and the Hugly constant accounting, in particular. It shows a scheme how constant accounts interact and determines the scope of constant accounting. The article also investigates the evolution of methods for estimating income and expenses and Russia's transition from such estimates to budgeting. I unveil principles and steps of preparing and executing budgets. Results I identified the principles and steps of cameral accounting origination and found historical reasons that obstructed a broad application of constant accounting. The research substantiates it would be reasonable and possible to use the constant accounting method in current economic conditions. Conclusions and Relevance Budgeting allows generating absolutely new information for control and analysis of corporate performance. I suggest combining estimate-based accounting and double-entry accounting in practice, thus accumulating necessary data in the system of accounts. To integrate budgeting and accounting data, it is reasonable to supplement the working Chart of Accounts with idle accounts, which should be kept as described in the article. I substantiate that the current electronic technologies of data processing streamline the implementation of activities proposed in the article.
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