Stages of the budgeting process


Question 1: Identify the stages of the budgeting process and evaluate their effectiveness.

Question 2: Evaluate the level and validity of detailed assumptions used to create budget estimates.

Question 3: Discuss the role of the budget as an analytic tool that can be used to evaluate organizational performance.

Question 4: Explain how the budget can be used to find and eliminate inefficiencies in an organization's performance.

Question 5: Explain the role of the budget in the business control cycle.

Question 6: Analyze internal and external control mechanisms that can be put in place to monitor and evaluate the budget.

Question 7: Describe how the budget can be used in the performance accountability and reward process.

Question 8: Identify a major business initiative in any organization that was approved last year as a result of the budget process, and explain how the budget was used in the approval process.

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Finance Basics: Stages of the budgeting process
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