A Sales Forecast Is the First Step in the Budgeting

A sales forecast is the first step in the budgeting process of a merchandising firm because:

A) The revenue data are easiest to generate.
B) Sales information is precise in amount.
C) Sales personnel have the quickest access to data.
D) Sales forecasts are the most objective of all budgeted activities.
E) Almost all activities of a firm emanate from (i.e., are linked to) estimated sales demand.