(Drury) The Budgeting Process - Stages in the budgeting process
9 important questions on (Drury) The Budgeting Process - Stages in the budgeting process
What are the stages in the budgeting process? (8)
2. Determining the factor that restricts output
3. Preparation of the sales budget
4. Initial preparation of various budgets
5. Negotiation of budgets with superiors
6. Coordination and review of budgets
7. Final acceptance of budgets
8. Ongoing review of budgets
What is the starting point for preparation and why?
Why: many decisions affecting the budget year will already have been taken as part of the longterm planning process.
What is included in policy effects of the long-range plan? (2)
2. Expected changes in industry demand and output
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What are examples of restricting factors? (2)
2. Production capacity
Why is the sales budget the most difficult? (3)
1. depends on the actions of customers
2. may be influenced by the state of the economy
3. may be influences by the actions of competitors
What does the coordination and review of budgets entail?
Who should make revises when inconsistencies in the budgets are found?
What a master budget?
What is the master budget made of?
2. A balance sheet
3. A cash flow statement
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