Types of budgets

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What is master budget?

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Master budget made from specialized budgets by individual departments.

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Specialized budget entails what... Options: Sales, purchases, selling expense; employee debt, phone bills, car insurance; debt, utility bills

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Sales, purchases, selling expense

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specialized budget-

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The kind of specialized budgets a company has depends on the kind of business it is.

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Manufacturer budget

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Manufacturer includes specialized budgets relating to manufacturing-raw materials, transportation, etc.

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Sales process-
Options:
The budgeting process often begins with a sales forecast.

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The budgeting process often begins with a sales forecast.

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Comparing budgets- Sometimes it is helpful to view budgeted and actual figures from current and recent time periods.

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Sometimes it is helpful to view budgeted and actual figures from current and recent time periods.

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Who should prepare the budget?

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By people responsible for generating income and incurring expenses.

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Why is knowing the characteristics of an effective budget important?

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Ensures financial control and prevents financial stress.