Question

What is the proper preparation sequencing of the following budgets? 1. Budgeted Balance Sheet 2. Sales Budget 3. Selling and Administrative Budget 4. Budgeted Income Statement

Answer 1

Answer:

1. Sales Budget

2. Selling and Administrative Budget

3. Budgeted Income Statement

4. Budgeted Balance Sheet

Explanation:

First of all the sales budget is prepared in which expected sales are shown and then the selling and administrative budget is prepared which shows expenses related to sale.

The income statement budget is prepared which shows the expected income.

Then at last  Budgeted Balance Sheet  is prepared in which the expected income is transferred.

The order in which they appear is as follows.

1. Sales Budget

2. Selling and Administrative Budget

3. Budgeted Income Statement

4. Budgeted Balance Sheet

Answer 2

The proper preparation sequencing of the budgets includes the Sales Budget, Selling and Administrative Budget, Budgeted Income Statement, and Budgeted Balance Sheet respectively.

 

The preparation of budgeted statement by business helps them to know how to expend funds in the future and plan for changes as well.

The proper preparation sequencing of the budgets includes:

• Sales budget which are prepared to estimate the sales and revenue expected for the period

• The Selling and administrative budget is prepared estimate the cost of operation

• The Budgeted Income Statement is prepared like the Conventional Income statement.

• The Budgeted Balance Sheet is prepared like the Conventional Balance sheet.

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