BUSINESS

FINANCE

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BUSINESS FINANCE
MODULE

Module No. 4: Week 4: First Quarter

Budget Preparation and Projected Financial Statement

Learning Competencies
The learner shall be able to illustrate the formula and format for the
preparation of budgets and projected financial statement.
Code: ABM_BF12-IIIc-d-11

Let’s Recall (Review)

Direction: Based on the previous activity in the Let’s Create part of module 3, answer
the following questions:
1. What is a budget?
2. What is the importance of a budget?
3. What will happen if the budget is not met?

Let’s Understand (Study the Concept)

1. SALES BUDGET
Sales is the most important financial statement account because almost all other accounts are
affected by it. If you analyze the SCI, the accounts such as the Cost of Sales, Gross Profit,
Operating Expenses and other expenses are based on the sales figure. Higher income tax
expense is also expected with higher sales. The decision to expand production capacity is
based on projected increase in sales. Moreover, if you look at the accounts in the SFP, almost
all of them are also correlated with sales. The amount of cash that the company maintains, its
accounts receivable and inventories, PPE and trade payables are affected by sales.
Given the importance of the sales forecast, the following external and internal factors should
be considered in forecasting sales:

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EXTERNAL FACTORS INTERNAL FACTORS

 Gross Domestic Product (GDP)  Production capacity

growth rate  Manpower Requirements
 Inflation  Management Style of the Managers
 Interest Rate  Reputation and Network of the
 Foreign Exchange Rate Controlling Stockholders
 Income Tax Rates  Financial Resources of the Company
 Development in the industry
 Competition
 Economic Crisis
 Regulatory Environment
 Political Crisis
Macroeconomic variables (external) such as the GDP rate, inflation rate, and interest rates,
among others play an important role in forecasting sales because it tells us how much the
consumers are willing to spend. A low GDP rate coupled by a high inflation rate means that
consumers are spending less on their purchases of goods and services. This means that we
should not forecast high sales of the periods of low GDP.
Developments in the Industry (external). Products and services which have more
developments in its industry would likely have a higher sales forecast than a product or
service in slow moving industry. Consumer trends are always changing, thus the industry
should be competitive to be able to appeal to more customers and stay in the market.
Competition (external). Suppose you are selling bread and you know that each person in
your community eats an average of one loaf of bread a day. The population of your
community is 500 people. If you are the only person selling bread in your town, then your
sales forecast is 500 units of bread. However, you also have to take account your competition.
What if there are 4 other sellers of bread? You will need to have to divide the sales between
the 5 of you. Does this mean your new forecast should be 100 units of bread? Not necessary.
You should also know the preference of your consumers. If more of them would prefer to buy
more bread from you, then you should increase your sales forecast.
Production Capacity and manpower (internal). Suppose that you have already evaluated
the macroeconomic factors and identified that there is a very strong market for your product
and consumers are very likely to buy from you. You forecasted that you will be able to sell
1,000 units of your product. However, you only have 20 employees who are able to produce
20 units each. Your capacity cannot cover your expected demand hence, you are limited by it.
To be able to increase capacity, you should be able to expand your operations.

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What will be the implications if sales budget is not correct? If understated,
there can be lost opportunities in the form of forgone sales. If it is too
optimistic, the management may decide to unnecessarily increase capacity or
hire more employees and end up with more inventories.

2. PRODUCTION BUDGET
Production budget is a schedule which provides information regarding the number of units
that should be produced over a given accounting period based on expected sales and targeted
level of ending inventories.
It is computed as follows:

Required production in units = Expected Sales + Target Ending Inventories - Beginning

Inventories
Note: Ending inventory of current period is beginning inventory of next period.
Table 1.1. DCD Company
Production Budget (in units)
for the year ending December 31, 2019

QUARTER YEAR

1 2 3 4
Projected Sales 20,000 22,000 25,000 30,000 97,000
Target Level of
Ending
3,000 3,500 5,000 3,500 3,500
Inventories
Total 23,000 25,500 30,000 33,500 100,500
Less: Beginning
Inventories
2,500 3,000 3,500 5,000 2,500
Required
Production
20,500 22,500 26,500 28,500 98,000

Table 1.1 shows that the required production in the first quarter is 20,500 units. The ending
inventory level of the present quarter will be the beginning inventory level of the next
quarter. The target level of ending inventories of the fourth quarter is the same as that of the

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year while the beginning inventory of the first quarter is the same as the beginning inventory
for the year.
From the number of units that is expected to be produced, the cost of production can be
estimated especially if the company has developed standard production cost per unit.

3. OPERATING BUDGET
Operations budget refers to the variable and fixed costs needed to run the operations of the
company but are not directly attributable to the generation of sales.
 Rent payments
 Wages and Salaries of selling and administrative personnel
EXAMPLES

 Administrative Costs
 Travel and representation expenses
 Professional fees
 Interest Payments
 Tax Payments

3. CASH BUDGET
A cash budget itemizes the projected sources and uses of cash in a future period. This budget
is generally used to estimate whether a company has a sufficient amount of cash to uphold
regular operations. If not, management must find additional funding sources. It can also be
used to determine whether too much of a company’s cash is being spent in unproductive
ways.

If the ending cash balance after payment of all required disbursements (expenses) is less than
the required ending balance, the company needs to borrow additional cash from short term
borrowings to meet its required ending balance. Should the ending cash balance exceed the
company’s minimum cash requirement the next period, the company may be able to repay the
loan plus accrued interest.
5. PROJECTED FINANCIAL STATEMENTS
Projected financial statements is a tool of the company to set an overall goal of what the
company’s performance and position will be for and as of the end of the year. It sets targets
to control and monitor the activities of the company. The following reports may be
forecasted:

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‣ Projected Statement of Comprehensive Income (SCI)
‣ Projected Statement of Financial Position (SFP)
**Let us use the SCI and SFP of PAPA Company for years ending December 31, 2012-
2016 below to forecast the different financial statements.
PAPA COMPANY
Statement of Comprehensive Income
For the Years Ending December 31, 2012-2016
2016 2015 2014 2013 2012
Net Sales 52,501,085 47,345,223 42,174,283 38,340,257 35,336,643
Cost of Sales 41,954,730 37,988,628 33,980,174 31,439,011 29,329,413
Gross Profit 10,546,355 9,356,595 8,194,109 6,901,246 6,007,230
Operating Expenses 6,497,659 6,196,804 5,393,621 4,926,723 4,505,422
Operating Income 4,048,696 3,159,791 2,800,488 1,974,523 1,501,808
Interest Expense 250,000 250,000 250,000 450,000 300,000
Income before Taxes 3,798,696 2,909,791 2,550,488 1,524,523 1,201,808
Taxes 1,139,609 872,937 765,146 457,357 360,542
Net Income 2,659,087 2,036,854 1,785,342 1,067,166 841,266

PAPA COMPANY
Statement of Financial Position
December 31, 2012-2016
2016 2015 2014 2013 2012
ASSETS
Current Assets
Cash 1,062,527 996,904 777,415 766,805 883,416
Accounts Receivables 2,300,500 1,921,799 1,722,513 1,454,426 1,396,639
Inventories 4,849,304 4,499,998 3,797,668 3,293,030 3,351,933
Other Current Assets 1,050,000 983,746 984,786 735,608 998,763
9,262,331 8,402,447 7,282,382 6,249,869 6,630,751
Noncurrent Assets
Property, Plant, and Equipment, net 12,200,000 11,300,000 9,050,000 9,350,000 9,500,000
Other Noncurrent Assets 835,689 925,681 896,842 876,235 827,490
13,035,689 12,225,681 9,946,842 10,226,235 10,327,490
Total Assets 22,298,020 20,628,128 17,229,224 16,476,104 16,958,241
LIABILITIES AND EQUITY

Current Liabilities
Accounts Payables 5,050,810 4,746,252 4,137,815 3,298,699 2,874,911
Income Taxes Payable 433,051 283,705 267,801 149,441 115,330
Current Portion of Long-term Debt 2,250,000 2,500,000 1,000,000 2,000,000 2,000,000
Other Current Liabilities 85,600 28,700 40,990 30,688 37,890
7,819,461 7,558,657 5,446,606 5,478,828 5,028,131

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Noncurrent Liabilities
Long-term Debt, Net of Current
Portion 2,000,000 1,250,000 1,000,000 3,000,000
Total Liabilities 9,819,461 8,808,657 5,446,606 6,478,828 8,028,131
Stockholders' Equity
Capital Stock 8,000,000 8,000,000 8,000,000 8,000,000 8,000,000
Retained Earnings 4,478,559 3,819,472 3,782,618 1,997,276 930,110
Total Stockholders' Equity 12,478,559 11,819,472 11,782,618 9,997,276 8,930,110
Total Liabilities and Equity 22,298,020 20,628,129 17,229,224 16,476,104 16,958,241

**Projecting financial statements in this part will use financial statement method.
Based on the financial statement method, you should follow the following steps:
***Note: In the examples used below, the historical financial statements of Papa Company above will
be used to make the forecast.
1. Forecast Sales
Sales forecasting is the process of estimating future sales. Accurate sales forecasts enable
companies to make informed business decisions and predict short-term and long-term
performance. Companies can base their forecasts on past sales data, industry-wide
comparisons, and economic trends. Moreover, it is easier for established companies to predict
future sales based on years of past business data.

Before the end of 2016, the president of the PAPA Company had instructed the Vice
President for Finance to prepare the 2017 projected financial statements based on their most
recent planning workshop. Based on the results of the planning workshop, the following
assumptions were prepared for the 2017 projected financial statements.

Sales are expected to increase by 10% in 2017 from the 2016 sales level. This growth
assumption is based on the assessment of the external and internal factors related to PAPA
Company and the historical growth of the company. The company’s sales grew by 10.4%
annually from 2102 to 2016 (based on the historical financial statement—statement of
comprehensive income—above)

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How to compute for the Projected Net Sales?
wherein:

Projected Net Sales in 2017 = Net Sales 2016 x (1+10%)  1 is constant

 10% is the expected
= 52,501,085 x 1.1
increase in sales
Projected Net Sales in 2017 = 57,751,194

2. Forecast Cost of Sales and Operating Expenses.

In determining the cost of sales and operating expenses, variable and fixed costs should be
identified.
Cost of sales are direct costs associated in the generation of sales. One way of projecting cost
of sales is using the cost of sales ratio. Companies would generally have a consistent
historical cost of sales ratio. The company may use this as a starting point.
For example, the company has an average of 60% cost of sales ratio. In doing projections, the
financial manager may use the same average ratio or, if the company is pushing for
efficiency, the financial manager may reduce this ratio to say 57% depending on his
judgment.
Operation expenses are a mix of variable costs and fixed costs. Variable costs (e.g.,
commissions, utilities, and the likes) usually vary with sales. To project these costs, the
percentage of sales method may be used. On the other hand, fixed costs (e.g., rent, insurance,
salaries, depreciation, interest expenses and the likes) remain the same no matter how the
volume of sales has changed.

Variable operating expense is 7.5% of sales. Depreciation expense is 10% of the gross
beginning balance of property, plant and equipment. As of December 31, 2016, the gross
balance of PPE is 26,000,000. For January 2017, P5 million new PPE will be acquired. It
is the policy of the company that PPE acquired in the first half of the year will be depreciated
for one full year.

How to compute for the Cost of Sales?

a. First, compute for the cost of sales percentage in 2016 using the following formula:
Cost of Sales Percentage in 2016 = (Cost of Sales 2016 ÷ Net Sales 2016) x 100%

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= (41,954,730 ÷ 52,501,085) x 100%
= 79.91%
b. Then, compute for the projected cost of sales using the formula below.
Cost of Sales in 2017 = Cost of Sales Percentage in 2016 x Projected Net Sales 2017
= 79.91% x 57,751,194
= 46,148,979

How to compute for the Variable Operating Expenses?

Variable operating expenses = Projected Sales 2017 x 7.5%
= 57,751,194 x 0.075
= 4,331,340

How to compute for the Depreciation Expense (PPE)?

Depreciation Expense (PPE) = 26,000,000+ 5,000,000 x 10%
=31,000,000 x 0.10
= 3,100,000

How to compute for the total Operating Expenses?

Operating Expenses = Variable Operating Expenses + Depreciation Expense (PPE)
= 4,331,340 + 3,100,000
= 7,431,340

How to compute for PPE, net for 2017 (projected)?

PPE net, beginning P12,200,000 wherein:

Additions 5,000,000  P12,200,000 is the PPE, net on the

2016 SFP
Less: Depreciation (3,100,000)
 P5,000,000 is amount of the newly
PPE net, ending P14,100,000
acquired PPE on January 2017
*Note: The amount of the PPE net ending will be used in the preparation of the Projected Statement
of Financial Position (SFP) for 2017.

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3. Determine payment schedule for loan
These could be based on the disclosures provided in the notes to financial statements and the
plans of management on how to pay the loans if no details about payment terms are provided
in the notes to financial statements.

As of December 31, 2016, there are two long-term loans. Both have annual interest rate of
8%.
i. The first loan will mature on June 30, 2017 and the remaining principal balance to be
paid on the said date is P1,250,000.
ii. The second loan amounting to P3 million which was incurred on December 31, 2016
is paid at the rate of P500,000 principal balance every June 30 and December 31.
New loans of P3,500,000 will be incurred on December 31, 2017 payable at the rate of
P500,000 every June 30 and December 31. Annual interest rate is expected at 8%.

The interest expense for 2017 will be computed as follows:

First Loan

Interest from January 1 to June 30, 2017

1,250,000 x 8% x (6 months/12 months) 50,000

Second Loan

Interest from January 1 to June 30, 2017

(1,000,000 + 2,000,000) x 8% (6 months/12 months) 120,000

Interest from July 1 to December 31, 2017

(500,000 + 2,000,000) x 8% (6 months/12 months) 100,000

Total Interest Expense for 2017 270,000

Note that the current portion of long-term debt of P1 million is added to long-term portion of
P2 million for the second loan to determine the interest expense for the first six months. The
year has to be divided into two because there is a principal payment of P500,000 on June 30,

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2017 which will reduce the principal balance starting July 1, 2017. The interest expense will
also go down on the second half of 2017 because the principal balance has gone down too.

How to compute for the current and non-current portion of long-term loans?
For 2017 projected statement of financial position, this will be the breakdown of the
remaining balances of long-term loans as to current portion and long-term portions as of Dec.
31, 2017.
Loan Current Portion Non-current Portion Total

Loan of P3 million
incurred on December
1,000,000 1,000,000 2,000,000
31, 2016

Loan of P3.5 million

to be incurred on
1,000,000 2,500,000 3,500,000
December 31,2017

Total 2,000,000 3,500,000 5,500,000

*Note: The amount of the current and non-current portion of long-term loans will be used in the
preparation of the Projected Statement of Financial Position (SFP) for 2017.

4. Forecast Net Income

To forecast net income, interest expense and income tax expense should also be considered
using the relevant interest and tax rates.

Income tax rate is 30% of the income before taxes. Seventy-five percent (75%) of the income
tax expense will be paid in 2017 while the balance will be paid in 2018.

*Note: Return to this when all income statement items are complete.

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Thus, the Projected Statement of Comprehensive Income for the year ending December 31,
2017 will be as follow:
PAPA COMPANY
Projected Statement of Comprehensive Income
For the Year Ending December 31, 2017
Net Sales P57,751,194
Cost of Sales 46,148,979

Gross Profit 11,602,215

Operating Expenses 7,431,340

Operating Income 4,170,875

Interest Expense 270,000

Income before Tax Expense 3,900,875

Tax Expense 1,170,263

Net Income P2,730,612

How did we come up with the P1,170,263 tax expense? Let’s go back to item no. 4
which states that income tax rate is 30% of the income before taxes. Seventy-five
percent (75%) of the income tax expense will be paid in 2017 while the balance will be paid
in 2018. So, to compute:
Projected Tax Expense = Income Before Tax Expense x 30%
= 3,900,875 x .30
= 1,170,263

How about the way on how to come up with the amount of the income tax payable?
Projected Income Tax Payable (2017) = Projected Tax Expense x (1-75%)
= 1,170,263 x 0.25
= 292,566

5. Forecast Retained Earnings

Retained earnings is arrived at by adding projected net income to beginning retained earnings
then deducting dividends to be declared during the year.

Cash dividends of P2,000,000 will be paid for 2017.

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How to compute for the retained earnings?
Retained Earnings, beginning P4,478,559 where in:

Add: Net Income 2,730,612  P4,478,559 is the retained earnings

in the 2016 SFP
Less: Dividends
 P2,730,612 is the net income in the
(2,000,000)
projected SCI of the Papa
Retained Earnings, end P5,209,171
Company

6. Determine balance sheet items that will vary with sales or whose balances will be highly
correlated with sales.
*The balance sheet items that may vary with sales or will be highly correlated with sales are
cash, accounts receivable, inventories, accounts payable and accrued payables.

The following financial statement accounts are expected to vary with sales based on the 2016
financial statements:
A. Cash D. Other current assets
B. Trade accounts receivable E. Trade accounts payable
C. Inventories

How to compute for the projected cash?

a. First, compute for the cash as a percentage of sales in 2016 using the following formula:
Cash as a Percentage of Sales in 2016 = (Cash 2016 ÷ Net Sales 2016) x 100%
= (1,062,527 ÷ 52,501,085) x 100%
= 2.02%
b. Then, compute for the projected cash in 2017 using the formula below.
Projected Cash in 2017 = Cash as a Percentage of Sales in 2016 x Projected Net Sales 2017
= 0.0202 x 57,751,194
= 1,166,574

How to compute for the projected accounts receivables?

a. First, compute for the accounts receivables as a percentage of sales in 2016 using the
formula:

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Accounts Receivables as % of Sales in 2016 = (Accounts Receivables 2016 ÷ Net Sales 2016) x 100%
= (2,300,500 ÷ 52,501,085) x 100%
= 4.38%
Projected Accounts Receivables in 2017 = Accounts Receivables as a % of Sales in 2016 x
Projected Net Sales 2017
= 0.0438 x 57,751,194
= 2,529,502

*Note: The same process of computation goes with inventories, other current assets and
accounts payable.

7. Determine External Funds Needed (EFN) and How to Finance It

External funds needed (EFN) is just a balancing figure. It is being computed as follows:
EFN = Change in Total Assets – (Change in Total Liabilities + Total Change in
Stockholder’s Equity)
Refer to the table below for the details of the computation of EFN in 2017.
2017 Balances without 2016 Balances Change
EFN

Total Assets 25,122,999 22,298,020 2,824,979

Total Liabilities 11,433,831 9,819,461 1,614,370

Total Stockholders’ Equity 13,209,172 12,478,559 730,613

EFN 479,996

If the value of the EFN is negative, this means that the company will have an excess cash.
However, if its amount is positive, this means that there will be a need for additional
financing. If the latter is the case, it is the management decision on how to finance it. It can
all be through debt or equity or a combination of both debt and equity.

8. Check for Other Information

Other noncurrent assets and other current liabilities will remain unchanged.

THUS, the Projected Statement of Financial Position for 2017 will be presented as
follows:

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PAPA COMPANY
Projected Statement of Financial Position
December 31, 2017
LIABILITIES AND
ASSETS EQUITY
Current Assets Current Liabilities
Cash 1,166,574 Notes Payable (EFN) 479,996
Accounts Receivables 2,529,502 Accounts Payable 5,555,665
Inventories 5,336,210 Income Taxes Payable 292,566
Current Portion of Long-term
Other Current Assets 1,155,024 Loan 2,000,000
10,187,310 Other Current Liabilities 85,600
Noncurrent Assets 8,413,827
Property, Plant, and
Equipment, net 14,100,000 Noncurrent Liabilities
Other Noncurrent Assets 835,689 Non-current Portion of Long- 3,500,000
14,935,689 term Loan
Total Assets 25,122,999 Total Liabilities 11,913,827
Stockholders' Equity
Capital Stock 8,000,000
Retained Earnings 5,209,172
Total Stockholders' Equity 13,209,172
Total Liabilities and Equity 25,122,999

Let’s Apply
I. Using the given information, complete the table on the next page on
how many units should the XYZ Company produce in order to fulfill the expected sales
of the company.
XYZ Company forecasts sales in units for January to May as follows:
January February March April May

Units 2,000 2,200 2,500 2,800 3,000

Additional Information:
a. XYZ Company would like to maintain 100 units in its ending inventory at the end of each
month.
b. Beginning inventory at the start of January amounts to 50 units.

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MONTH TOTAL
January February March April May
Projected Sales
Target level of
ending inventories
Total
Less: beginning
inventories
Required
production

II. Prepare the following pro-forma financial statements without any numbers written
on it:
1. Statement of Comprehensive Income
2. Statement of Financial Position
Take note that the name of the company will be Tiktok Corporation for the year ending
December 31, 2020.

Let’s Analyze
Direction: Using the information in the case study on how Olivia Tan come up
with her sales budget report, answer the guide questions on the next page.

Case Study

Olivia Tan works as the Financial Analyst of Step Up which manufactures and sells a range
of practical yet stylish shoes for both men and women. Olivia is in the process of preparing
the company’s sales budget for the coming year. After her meeting with the Operations
Manager, she found out that the company recently finished building another production plant
located in Laguna which has effectively doubled the company’s production capacity. Based
on the fact that last financial year the company had trouble keeping up with the demand for
most of its popular styles, Olivia has, in preparing the new sale’s budget, made the
assumption that stock manufactured in Laguna plant will be sold, resulting in a huge increase
in the company’s sales revenue.

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Guide Questions
1. What do you think are the factors Olivia considered in preparing her sales budget?
2. What do Olivia presumed as she prepared her company’s sales budget?
3. If you are Olivia, will you have the same assumption and come up with the same sales
budget report? Why or Why not?
4. What will be the implications if sales budget is not correct?
5. What are the characteristics shown by Olivia while preparing the sales budget for the
company?

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Let’s Try (Evaluation)
Direction: Using the information below, prepare a PROJECTED STATEMENT OF
FINANCIAL POSITION for 2016.

E. Papa Company
Projected Statement of Comprehensive Income
for the year ending December 31, 2016

Sales P 200,000,000
Cost of Sales 150,000,000
Gross Profit 50,000,000
Operating Expenses 30,000,000
Income before Interest and Taxes 20,000,000
Interest Expense 2,500,000
Income before Taxes 17,500,000
Income Taxes 7,000,000
Net Income P 10,500,000

E. Papa Company
Statement of Financial Position
December 31, 2015

Assets Liabilities and Equity

Current Assets Current Liabilities

Cash 6,000,000 Accounts Payable 13,250,000

Accounts Receivable 25,500,000 Accrued Expense Payable 16,000,000

Inventories 31,500,000 63,000,000 Income Taxes Payable 2,100,000

Current Portion of Long-term
Noncurrent Assets Debt 10,000,000 41,350,000

Property, Plant and Equipment 50,000,000 Noncurrent Liabilities

Less: Accumulated
Depreciation 10,000,000 40,000,000 Long-Term Debt 35,000,000

Total Assets 103,000,000 Total Liabilities 76,350,000

Stockholders Equity

Capital Stock 15,000,000

Retained Earnings 11,650,000 26,650,000

Total Liabilities and Equity 103,000,000

ADDITIONAL INFORMATION:
1. 2015 Sales was P180,000,000.

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2. The following financial statement accounts are expected to vary with sales based on the
2015 financial statements:
2.1. cash
2.2. accounts receivable
2.3. inventories
2.4. accounts payable
2.5. accrued expense payable
3. For March 2016, P5 million new PPE will be acquired. It is the policy of the company
that PPE acquired in the first half of the year will be depreciated for one full year.
Depreciation will be 10% annually.
4. As of December 31, 2015, there are two long-term loans. Both have annual rate of 10%.
4.1. The first loan will mature on July 30, 2016 and the remaining principal balance to be
paid on the said date is P10 million.
4.2. The second loan amounting to P50 million which was incurred on December 31, 2015
is paid at the rate of P5 million principal balance every June 30 and December 31.
5. Income tax rate is 25%. Seventy five percent (75%) will be paid in 2016 while the rest
will be on 2017.
6. The Cash dividends of P1,000,000 will be paid for 2016.
7. If not mentioned in the terms/additional information, the accounts should remain
unchanged.
Note: All data/accounts presented in the table must be present in the projected SFP.
Convert the figures/amounts into whole number.

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REFERENCES

The content of this module is adapted from the different websites and books. The module
writer is in a heartfelt gratitude to the following references and its authors:

Cayanan, A. & Borja, D. 2016. Business Finance. First Edition. Quezon City. Rex Bookstore.
Cayanan, et. al. 2016. Teaching Guide for Senior High School - Business Finance.
Commission on Higher Education.
https://www.accountingtools.com/articles/2017/5/15/cash-budget
https://debitoor.com/dictionary/cash-budget
https://nsfsakai.nthsydney.tafensw.edu.au/access/content/group/0f4ea869-0e76-4936-b16e-
7407f58a3a5d/AccountingAndFinance/Diploma%20Units/FNSACC503A_Budgeting/WEEK
%202_FNSACC503A_Budgeting_LESSON%202%20PowerPoint%20Slides%20_Compatibi
lity%20Mode_.pdf
https://trackmaven.com/marketing-dictionary/sales-forecasting/

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BUSINESS FINANCE (Grade XII)
Self-Learning Module
Quarter 1 - Module 4: Budget Preparation and Projected Financial Statement
First Edition, 2020

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Undersecretary: Diosdado M. San Antonio

Development Team of the Module

Writer: Eden M. Papa
Editors: Dr. Pastor Valcorza
Eden M. Papa
Reviewer: Dr. Emma R. Cunanan – EPS in Mathematics
Illustrator: Eden M. Papa
Layout Artist: Christian Jake T. Laspiñas
Management Team: Wilfredo E. Cabral, Director IV
Genia V. Santos, CLMD Chief
Dennis M. Mendoza, Regional EPS In Charge of LRMS
Evangeline P. Ladines, CESO V, Schools Division Superintendent
Bernardo N. Mascariña, Curriculum Implementation Division Chief
Rodel C. Apostol, Division EPS In Charge of LRMS

Printed in the Philippines by ________________________

Department of Education – National Capital Region

Office Address: Misamis St., Bago Bantay, Quezon City

Telefax: 02-929-0153
E-mail Address: [email protected]

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