A Budget Cycle Is a Series of Steps That Organizations

question 66

Essay

A budget cycle is a series of steps that organizations follow to develop and use budgets. It typically begins by revisiting and possibly revising the organizational vision and core competencies. The steps in the budgeting cycle are listed below in random order. Number them (1 through 7)according to their usual sequence in the budget cycle.
____ Develop operating plans
____ Evaluate and reward performance
____ Investigate major differences between actual and budgeted results
____ Monitor actual results compared to budget
____ Reassess vision and core competencies
____ Reconsider long-term strategies
____ Translate strategies and operating plans into master budget