Questions:
1. How are strategic planning and tactical planning related to budgeting?
2. What is the starting point of a master budget and why?
3. What are the various components of a master budget, and how are they prepared?
4. Why is the cash budget so important in the master budgeting process?
5. How and why are budgeted financial statements prepared at the end of the budgeting process?
6. What benefits are provided by a budget?
7. How does a budget manual facilitate the budgeting process?