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Budget, in short is a company’s annual financial plan. In long word, it is a set of formal (written) statements of management’s expectations regarding sales, expenses,...
The most common method for creating a budget is to simply print out the financial statements, adjust historical expenses for inflationary increases, add some projected revenue...
After sales are budgeted, the production budget can be determined. But before going to the production budget, for simplification purpose, let’s use the following assumption: The company...