Answer (B) is correct . The budget planning calendar is the schedule of activities for the development and adoption of the budget. It should include a list of dates indicating when specific information is to be provided by each information source to others. The preparation of a master budget usually takes several months. For instance, many firms start the budget for the next calendar year some time in September in hopes of having it completed by December 1. Because all of the individual departmental budgets are based on forecasts prepared by others and the budgets of other departments, it is essential to have a planning calendar to ensure the proper integration of the entire process.
Answer (A) is incorrect because The period covered by the budget precedes the events in the planning calendar.
Answer (C) is incorrect because The period covered by the budget precedes the events in the planning calendar.
Answer (D) is incorrect because The planning calendar is not associated with sales.
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