In which order do the following steps in the budget setting process actually occur?
i.Co-ordinate the budget.
ii.Identify the limiting factor.
iii.Monitor performance relative to budget.

Question

Quizplus · Accepted Answer

The first step in setting a budget is to identify the limiting factor that will determine the overall budget. Once this has been determined, the budget can be coordinated and developed. Finally, once the budget is in place, ongoing monitoring of performance relative to the budget is necessary to ensure that the budget is being followed and to make adjustments as needed. Therefore, the correct order of steps is: ii, i, iii, making choice B the correct answer.

In Which Order Do the Following Steps in the Budget