I have a finance team at work. As the year progresses, they need to maintain a record of cash flow and expenditure. What will they be required to do as a first step to building a budget? Question 1Select one: A. Find out the balance sheet of the company B. Find the profit and loss for the previous year C. Identify the expenditure and demand along with the cash flow of the company D. Build an income and expenditure statement Incorrect

Although most new businesses begin on shoestring budgets and the accounting is typically done on a cash basis, it’s still important to consider what the Balance Sheet and Income Statement can tell us about our company’s health and the direction in which it’s headed. Explain how each of these financial reports accomplishes that and why assets and liabilities are listed in a particular order

Describe the business and its core operations. Explain what data you would use to inform the budget and why this data would be relevant. Who else would you involve in developing the budget? Draw up the budget to cover the next financial year. Explain how the budget would be used to monitor the financial performance of the organisation. List and explain the application of statutory and legislative requirements as they apply to financial management within a business organisation. Write a report explaining how the budget that you have developed contributes to financial management. Present this report verbally in order to demonstrate your communication skills as well as the ability to explain budgets and deal with questions. Analyse the existing financial management approaches of the organisation. Are there any recommendations you should make and what are they? What software packages/ programs have you used when developing the budget and how did these assist?

a. Explain your understanding about the budget cycle b. Please illustrate an example of budget cycle's application in a business illustration of a whole series in order of the budget cycle!