Question

Coordinating the preparation of the budget is the responsibility assigned to the top management. lower levels of management. budget committee. accounting department.

Answer 1

It is the responsibility assigned to the budget committee.

What are the steps involved in preparing of budget?

Step 1: Refresh Budget Assumptions

Examine and update the assumptions about the company's business

Step 2: Examine Bottlenecks

Determine the capacity of the primary bottleneck preventing the company from generating additional sales,

Step 3: Obtaining Available Funding

Determine the amount of funding that is most likely to be available during the budget period, which may limit growth plans.

Step 4: Costing Points

Determine whether any step costs will be incurred during the likely range of business activity in the upcoming budget period,

Step 5: Make a Budget Package

Copy and paste the basic budgeting instructions from the previous year's instruction packet.

Step 6: Release the Budget Package

Where possible, distribute the budget package in person and answer any questions from recipients.

Step 7: Compile a Revenue Forecast

Obtain the sales manager's revenue forecast, validate it with the CEO, and then distribute it to the other department managers.

Step 9: Request Capital Budgets

Validate all capital budget requests and forward them with comments and recommendations to the senior management team.

Step 10: Refresh the Budget Model

Enter all budget data into the master budget model.

Step 11: Examine the Budget

Review the budget with the senior management team.

Step 12: Budget Iterations in Process

Maintain a list of outstanding budget change requests and update the budget model as new iterations arrive.

Step 13: Release the Budget

Prepare a bound budget and distribute it to all authorized recipients.

Step 14: Load the Budget

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