Critically analyze the process of preparation of budget.
These common steps can be listed as follows:
1. Obtaining Estimates:
Obtaining estimates of sales, production levels, expected costs, and availability of resources from each sub-unit/division/department: The departmental heads or managers are required to provide estimates of future conditions and activities that will have an impact on the company. The discussion and participation may be in the form of informal discussions and/or detailed written reports of plans which will be submitted to the budget committee for approval.
2. Coordinating estimates:
In many organisations, the budget committee evaluates the different plans submitted by various organisational units to determine the potentiality
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