Answer (D) is correct . An organization must complete its strategic plan before any specific budgeting can begin. The strategic plan lays out the means by which a firm expects to fulfill its stated mission.
Answer (A) is incorrect because The sales budget cannot be started until the strategic plan is finished.
Answer (B) is incorrect because The financial budget is a cluster of budgets that cannot be started until the cluster of budgets referred to as the operating budget is finished.
Answer (C) is incorrect because A cost management plan is independent of the firm’s stated budget.
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