Describe types and sources of data and information required for preparing your budget and forecast. Please...

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Accounting

Describe types and sources of data and informationrequired for preparing your budget and forecast. Please includeexamples with your answer

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SolutionThe following diagram illustrates the three main sources ofinformation required to develop a budgetThe business planHistorical information from the organisations accountingsystemThe knowledge of key personnel in the organisationThe Business PlanBusiness plans tend to change from year to year and this canhave a significant impact on the budget Anyone who is involved inbudgeting must acquaint themselves with the Business Plan It isimportant to determine whether there are completely new strategiesexpected changes in the level of business changes in staffinglevel special events planned maintenance and other factors thatwill obviously impact on the budgetOrganisations in the sport industry tend to have a See Answer

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