Budget preparation is best done in a top-down managerial approach.

Question

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Budget preparation is best done in a collaborative approach involving all levels of management and relevant departments. This approach, known as bottom-up budgeting, not only ensures that all perspectives and needs are taken into account but also fosters a sense of ownership and accountability among all stakeholders. A top-down approach, on the other hand, may lead to unrealistic goals and lack of buy-in from staff.

Budget Preparation Is Best Done in a Top-Down Managerial Approach