ICAEW BIP · Chapter 6 · Question 9 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: B) The budget manual
Explanation
The budget manual is a collection of instructions for the budget process, covering responsibilities, timetables, procedures and the forms to use. The master budget is the end result of the process (budgeted statement of profit or loss, statement of financial position and cash budget). The budget committee co-ordinates the process.
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