Can you please provide me with an example of how to revise budgets.
Although there are many types of budgets (cash flow budget, capital expenditures budget, sales budgets, etc), this information is restricted to an overall income statement budget which is a plan that outlines financial and operational goals for an entity usually for a one year period going forward.
The format of a budget is usually the same as that of an income statement. It would have 12 ...
The solution suggests several types of budgets, but discusses the budget for income and expense projections for one year forward. There are two examples of revisions based on new information which became known part way through the budget period.