Question

The process of review and evaluation of financial records, program performance, operations, and management that both follows the execution of the budget and serves in the preparation of the upcoming budget describes which stage of the budget process?

Answer 1

Budget Formulation

Step-by-step explanation:

At this phase of the budget preparation, the management that sets the budget cordinates and communicates the budget with all of the departments of the company. This includes the analysis of financial records, performance appraisal and environmental analysis (Pestle factors and competition analysis). So this phase is the stage where the budget is actually formed by closely reviewing of the information and is called the Budget Formulation.