What is the first step in the budgeting process?
A) Decide on the selling prices for products.
B) Calculate the variable costs for products.
C) Talk to suppliers about price movements over the coming year.
D) Decide on the strategy and objectives of the organization.

Question

Quizplus · Accepted Answer

The first step in the budgeting process is to decide on the strategy and objectives of the organization, as this sets the foundation for all subsequent financial planning and resource allocation.

What Is the First Step in the Budgeting Process