ACCA MA · Chapter 10 · Question 10 of 11
Which document sets out the instructions, procedures, timetable and responsibilities for preparing the budget?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Budget manual
Explanation
The budget manual contains the rules and guidance for the budgeting process, including who is responsible for each budget and the timetable. The master budget is the final output (budgeted statement of profit or loss, statement of financial position and cash budget).
More Budgeting MCQs
- Q1What is the principal budget factor?
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- Q5Sales are made on credit and cash is received as follows: 20% in the month of sale (customers take a 2% discount), 50% in the following…