BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The first step of the budgeting process is to
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prepare a list of each type of income and expense that will be part of the budget.
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calculate each type of income, expense, and the amount of net income or loss
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explain the budget to people who need to make financial decisions
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gather accurate financial information
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Explanation:
Detailed explanation-1: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.
Detailed explanation-2: -In a master budget, the sales budget is the first budget prepared. The sales budget sets the foundation for other budgets because it is based on production.
There is 1 question to complete.