ECONOMICS

Detailed explanation-1: -A budget committee is a group of people within an organization that creates and maintains fiscal responsibility for that entity. In a company, this committee usually consists of top management along with the chief financial officer (CFO).

Detailed explanation-2: -The person who is ultimately responsible for ensuring that the budget is followed is known as the Budget Holder.

Detailed explanation-3: -Budgeting is one of the most important tasks of the finance department. A budget is an organizational tool that is used for planning and controlling finances within the organization. Budgets are guidelines for future plans of action expressed in financial terms for a set time duration.

Detailed explanation-4: -The production budget is prepared by the chief executives of the production department. 51. Sales budget is prepared by Sales manager.