MANAGEMENT

BUISENESS MANAGEMENT

FINANCIAL MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The first step of the budgeting process is to
A
prepare a list of each type of income and expense that will be part of the budget.
B
calculate each type of income, expense, and the amount of net income or loss
C
explain the budget to people who need to make financial decisions
D
gather accurate financial information
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.