Senior High School

Business Finance
Module 4:
Budget Preparation

AIRs - LM
LU_Business Finance_Module 4
ABM – BUSINESS FINANCE
Module 4: Budget Preparation
Second Edition, 2021

Copyright © 2021
La Union Schools Division
Region I

All rights reserved. No part of this module may be reproduced in any form without written
permission from the copyright owners.

Development Team of the Module

Author: Iren F. Abenes

Editor: SDO La Union, Learning Resource Quality Assurance Team
Content Reviewer: Clarita C. Montemayor
Language Reviewer: Ronald June Balsomo
Illustrator: Ernesto F. Ramos Jr.
Design and Lay-out: Angela Pauline C. Ganuelas

Management Team:

Atty. Donato D. Balderas, Jr.

Schools Division Superintendent
Vivian Luz S. Pagatpatan, Ph.D
Assistant Schools Division Superintendent
German E. Flora, Ph.D, CID Chief
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Office Address: Flores St. Catbangen, San Fernando City, La Union
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LU_Business Finance_Module 4
 Senior High School

Business Finance
Module 4:
Budget Preparation

LU_Business Finance_Module 4
Introductory Message
This Self-Learning Module (SLM) is prepared so that you, our dear
learners, can continue your studies and learn while at home. Activities,
questions, directions, exercises, and discussions are carefully stated for you
to understand each lesson.

Each SLM is composed of different parts. Each part shall guide you
step-by-step as you discover and understand the lesson prepared for you.

Pre-tests are provided to measure your prior knowledge on lessons in

each SLM. This will tell you if you need to proceed on completing this module
or if you need to ask your facilitator or your teacher’s assistance for better
understanding of the lesson. At the end of each module, you need to answer
the post-test to self-check your learning. Answer keys are provided for each
activity and test. We trust that you will be honest in using these.

In addition to the material in the main text, Notes to the Teacher are
also provided to our facilitators and parents for strategies and reminders on
how they can best help you on your home-based learning.

Please use this module with care. Do not put unnecessary marks on
any part of this SLM. Use a separate sheet of paper in answering the exercises
and tests. And read the instructions carefully before performing each task.

If you have any questions in using this SLM or any difficulty in

answering the tasks in this module, do not hesitate to consult your teacher
or facilitator.

Thank you.

LU_Business Finance_Module 4
 Target

In the previous lesson, you identified the steps in the financial planning
process. Planning alone, however, is insufficient. Control is also necessary to ensure
that plans actually are carried out. These two management functions reinforce each
other and both are very important for the success of an organization. A budget is a
tool that managers use to plan and control the use of scarce resources. A budget is
a plan showing the company’s objectives and how management intends to acquire
and use resources to attain those objectives. It is a managerial process of mapping
out corporate actions based on past and present data trends are planning and
forecasting. Since forecasts are predictions of future events, plans often use forecasts
in order to inform the decision-making process.

This module will provide you information and activities that will help you
understand the financial planning process on budget preparation and a projected
financial statement.

After going through this module, you are expected to attain the following
objectives:

Learning Competency:

• Illustrate the formula and format for the preparation of budgets and
projected financial statement, (ABM_BF12-IIIc-d-11)

Subtasks:

1. Know the tools used in planning, forecasting and budgeting

2. Explain the tools used in planning, forecasting and budgeting
3. Apply the tools used in planning, forecasting and budgeting

Before going on, check how much you know about this topic. Answer the activities
on the next page in a separate sheet of paper.

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LU_Business Finance_Module 4
 Jumpstart

Activity 1. Choose your answer from the given choices. Use a separate sheet
for your answers.

_____ 1. It is the most important account in the financial statement in making

forecast.
A. Accounts Receivable
B. Owner’s Capi.al
C. Property, Plant & Equipment
D. Sales

_____ 2. One of the macroeconomic variables that plays an important role in

forecasting sales.
A. Financial resources of the Company
B. GDP rate
C. Management style of manager
D. Production capacity

_____ 3. What external factor influencing sale is this – “consider the consumer
changing trends.”
A. Competition
B. Development in the industry
C. Economic Crisis
D. Regulatory environment

_____ 4. What factor influencing sales does NOT belong to the group?
A. Competition
B. GDP rate
C. Inflation rate
D. Interest rate

____ 5. What word makes the statement false – “Products and services which have
more developments in the industry would likely have a lower forecast than a
product or service in the slow-moving industry?”
A. Lower B. More C. Product D. Slow

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 Discover

Figure 1. Factors that Influence Sales

Sales Budget

How a sales budget is formulated?

Sales is the most important account in the financial statement in making

forecast since most of the expenses is correlated with sales. In Financial Statement
Analysis, the cost of sales ratio, gross profit ratio, and variable operating expenses
ratio are based on the sale figure.

External and Internal Factors influencing Sale:

❖ Macroeconomic Variables (External)

Such factors that are included in Macroeconomic variables are GDP rate,
inflation rate, interest rates, foreign exchange, foreign exchange rate, among
others play an important role in forecasting. Those external factors tell how
much the consumers are willing to spend. A low GDP rate and a high inflation
rate means that consumers are spending less on their purchase of goods and
services. In this case, we should not forecast high sales of the periods of low
GDP.

❖ Development in the Industry (External)

The products and services with more developments in the industry would
likely have a higher sales forecast than a product or service in a slow-moving
industry. The consumer trends are always changing. The industry should be
competitive to be able to attract to more customers and be able to stay in the
market. If there are 3 other sellers then you have to divide the sales into 4 and
also consider the preference of your consumers.

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❖ Competition (External)
Suppose you are the only one selling bread in your community and each family
in your community eats an average of one loaf bread a day, you have to
consider how many families in your community for your sales forecast.

❖ Production Capacity and man power (Internal)

Suppose you have already evaluated the macroeconomic factors and identified
that your product has a very strong market and consumers are very willing to
buy from you. You forecasted that you will be able to sell 500 units of your
product but you have only 10 employees who are able to produce 10 units
each. Your capacity cannot cover your expected demand. To be able to
increase capacity, you should be able to expand your operations.

Production Budget

What is production budget and how it is formulated?

Production budget provides information regarding the number of units that

should be produced over a given accounting period based on expected sales and
targeted levels of inventories.

Computation of Production Budget

Note: Ending inventory of current period is beginning inventory of next period.

Example:
- A Company forecasts sales in units for January to May as follows:

• A Company would like to maintain 100 units in its inventory at the end
of each month.
• Beginning inventory at the start of January amounts to 50 units.
• How many units should A Company produce in order to fulfill the
expected sales of the company?
Answer:

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Budgeting Cash

What is Operation Budget and how it is formulated?

Operation budget refers to the variable and fixed costs needed to run the
operations of the company but are not directly attributed to the generation of sales.

Examples: Rent Payments, Professional Fees, Wages & Salaries of selling and
administrative personnel, Administrative Costs, Travel and representation expense,
Professional fees, Interest Payments and Tax Payments

Cash Budget

Cash budget or cash forecast is a statement of the firm’s planned inflows and
outflows of cash. It is used by the firm to estimate the short-term cash requirements
with particular attention being paid to planning surplus cash and for cash shortages.
(Gitman & Zutter, 2012)
What is the importance of a cash budget and how it is formulated?

For a business enterprise, having the right amount of cash is important. Cash
is used to make payments for purchases, for operational expenses, to creditors and
for other transactions.
Cash budget forecast the timing of these cash flows and matches them with
cash flows from sales and other receipts. It is also a control tool to monitor the way
the company handles cash

Below is the general form of the Cash Budget:

The following are the steps in formulating a cash budget:

A. Form the sales forecast, identify how much would be collected in the cash budget
period. Sales may be made in cash or for credit. Cash sales are translated to cash at
the point of sale while credit sales are collected depending on the credit period. Credit
periods may range from 10 days to more than a month depending on the strategy of
the company.

- Continuing the previous example, assume selling is PHp100/unit. Sales for each
month are expected to be collected as follows:
- Month of sales: 20% - 2 months after sales: 30%
- A month after sales: 50%

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How much is total receipts from sales?

Answer:

Jan Feb Mar Apr May Total

Units 2,000 2,200 2,500 2,800 3,000 12,500
Sales in Pesos 200,000 220,000 250,000 280,000 300,000 1,250,000
Collection from current 40,000 44,000 50,000 56,000 60,000 250,000
months sales
Collection from previous 100,000 110,000 125,000 140,000 150,000
months sales
Collection from two months 60,000 66,000 75,000 84,000
prior sales
Total Collection from Sales 40,000 144,000 220,000 247,000 275,000 926,000

B. Identify other receipts.

Examples:
interest received issuance of capital stocks
return on principal investments proceeds from borrowings
proceeds from sale of non-operating assets

- Add these receipts to the collection from sales to get to total receipts.

C. From the Production Budget, identify how much of the purchases made will be
paid by the company on the cash budget period. Like sales, purchases may be made
on in cash or on credit depending on the supplier’s credit terms.
- Continuing from the previous example:
* Assume the cost per unit is Php 50.
* All purchases this month are paid the following month. How much is total
cash disbursements for purchases?

D. From the operations budget, identify which expenses will be paid in cash during
the cash budget
- The following expense items will be paid based on the
following periods:
* Rent payment: Rent of Php5,000 will be paid each month.
* Wages and salaries: Fixed salaries for the year are Php96,000, or Php8,000
per month. Wages are estimated as 10% of monthly sales.
* Tax payments: Taxes of Php25,000 must be paid in April.
E. Identify all other cash payments to be made:
Examples:
* Fixed asset purchase in cash * repurchase of common stock
* Cash dividend payments * Purchase of stock/bond

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 * Principal payments investment
- It is important to recognize that depreciation and other noncash charges are NOT
included in the cash budget.

The following item will be paid based on the following periods:

* Fixed-asset outlays: New machinery costing Php130,000 will be purchased
and paid for in April.
* Interest payments: An interest payment of Php10,000 is due on May.
* Cash dividend payments: Cash dividends of Php20,000 will be paid on
January.
* Principal payments (loans): A Php20,000 principal payment is due in
February.

Answer:

F. Match the receipts and disbursements on the periods they become collectible and
payable respectively.

G. Set a minimum required balance. The balance is maintained in case contingencies

arise.

H. If the net cash flows are above the minimum cash balance, the company is in
excess cash and may consider putting it in short-term investments. If it is below, the
company should make a short-term borrowing during that period.

- Moreover, A Company has a beginning cash balance of Php80,000 and would like
to maintain an ending cash balance of Php100,000 per month. Prepare A Company
Cash Budget for January to May. - Prepare a cash budget.

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LU_Business Finance_Module 4
Evaluating the Cash Budget

* If the ending cash balance after payment of all the required disbursements is
less than the required ending balance, the company needs to borrow
additional cash from short term borrowings to meet the 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.
* Should the Company have excess cash above its required maintaining cash
balance, the company may invest this cash on short term investment so that
it will have an opportunity to earn additional profits. If the company’s cash
balance would then fall, below minimum cash requirement the company may
withdraw the investment to be able to meet the required cash balance.

Projected Financial Statement

Purpose of Projected financial statement

Projected Financial Statement 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:

• Projected Income Statement
• Projected Statement of Financial Position
• Projected Statement of Cash Flows

Below are historical financial statements

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 Figure 2. Income Statement of (A) Company

Figure 3. Statement of Financial Position of (A) Company

Steps on Financial Statement Projection

A. Forecast Sales
A sales forecast is an estimation of sales volume that a company can expect
to attain within the plan period. A sales forecast is not just a sales predicting but it
is the act of matching opportunities with the marketing efforts. Sales forecasting is
the determination of a firm’s share in the market under a specified future. Thus,
sales forecasting shows the probable volume of sales.

- Example exercise on financial statement projection with the Projected Income

Statement.
- Information:

Sales are expected to increase by 10% in 2015 from the 2014 sales level.
This growth assumption is based on the assessment of the external and
internal factors related to the Company and the historical growth of the
company. The company’s sales grew by 10.3% annually from 2010 to
2014.

Answers: Projected Sales in 2015 = Net Sales 2014 x (1 + 10%)

Projected Sales in 2015 = 5,250,000 x (1 + 10%) = 5,775,000

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Blank Pro-forma Financial Statement:

Figure 4. Blank pro-forma of Projected Income Statement

Figure 5. Blank pro-forma of Projected Statement of Financial Statement

B. Forecast Cost of Sales and Operating Expenses

- In determining the cost of sales and operating expenses, variable and fixed cost
should be identified.

- Cost of sales are direct cost 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.

- Suppose that 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 the judgment.

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 - Operation costs are a mix of variable and fixed cost. Variable costs usually
vary with sales. To project these costs, the percentage of sales method may be used.
On the other hand, fixed costs remain the same no matter how the volume of sales
has changed.

The Company wants to maintain the same gross profits per year as 2014.

Variable operating expense is 5% of sales.

Depreciation expense is 5% of the gross beginning balance of property,

plant, and equipment. As of December 31,2014, the gross balance of PPE
is Php5,200,000. For January 2015, Php1,000,000 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.

- Compute for the Cost of Sales, Variable Operating Expense and Depreciation
Expense.
Cost of sales percentage in 2014 = (4,305,000 ÷ 5,250,000) x 100%
Cost of sales percentage in 2014 = 82%
Projected cost of sales in 2015 82% x 5,775,000
Projected cost of sales in 2015 4,735,500

Variable (5% x Sales of 5,775,000) 288,750

Fixed (depreciation expense)
(5,200,000 + 1,000,000) x 5% 310,000

Total operating expenses 598,790

- Compute for the net PPE

PPE net, beginning 2,440,000

Additions 1,000,000
Less: Depreciation 310,000

PPE net end 3,130,000

C. Forecast Net Income and Retained Earnings

- To forecast net income, interest expense and income tax should also be considered
using the relevant interest and tax rates. Retained earnings is arrived at by adding
projected net income to beginning retained earnings then deducting dividends to
be declared during the year.
- Note this information. Return to this when all income statement items are
complete.

Income tax rate is 30% of the income before taxes. 75% of the income
tax expense will be paid in 2015 while balance will be paid in 2016.

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D. Determine balance sheet items that will vary with sales or whose balances
will be highly correlated to sales.

- Balance sheet items that may vary with sales or will be highly correlated with
sales are cash, accounts receivable, inventories, accounts payable, and accrues
expense payable.

Compute as follows:

The following financial statement accounts are expected to

vary with sales based on the 2014 financial statements:
A. Cash
B. Trade accounts receivables
C. Inventories
D. Other current assets
E. Trade accounts payables

Cash
Cash as a percentage of sales in 2014 = (1,060,000 ÷ 5,250,000) x 100%
Cash as a percentage of sales in 2014 = 20.19%
Projected cash in 2015 = 20.19% x 5,775,000
Projected cash in 2015 = 1,165,973

Accounts receivable

Accounts receivable as a % of sales in 2014 = (2,300,500 ÷ 5,250,000) x 100%

Accounts receivable as a % of sales in 2014 = 43.82%
Projected accounts receivable in 2015 = 43.82% x 5,775,000
Projected accounts receivable in 2015 = 2,530,605

Inventories

Inventories as a % of sales in 2014 = (4,850,000 ÷ 5,250,000) x 100%

Inventories as a % of sales in 2014 = 92.38%
Projected inventories in 2015 = 92.38% x 5,775,000
Projected inventories in 2015 = 5,335,945

Other current assets

Other current assets as a % of sales in 2014 = (1,050,000 ÷5,250,000 x 100)

Other current assets as a % of sales in 2014 = 20%
Projected other current assets in 2015 = 20% x 5,775,000
Projected other current assets in 2015 = 1,155,000

Accounts Payable
Accounts Payable as a % of sales in 2014 = (5,050,000 ÷ 5,250,000) x 100%
Accounts Payable as a % of sales in 2014 = 96.19%
Projected other accounts payable in 2015 = 96.19% x 5,775,000
Projected other accounts payable in 2015 = 5,554,973

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E. Determine Payment schedule for loans - Compute for the interest expense:

As of December 31, 2014, there are two long-term loans. Both have an
annual interest rate of 8%.
A. The first loan will mature on June 30, 2015 and the remaining
principal balance to be paid on June 30, 2015 is Php1,250,000.
B. The second loan which was incurred on December 31, 2014 is paid
at the rate of Php500,000 principal balance every June 30 and December
31.

New loans of Php3,500,000 will be incurred on December 31, 20015

payables at the rate of Php500,000 every June 30 and December 31. Annual
interest is expected 8%.

First Loan

Interest from January 1 to June 30,2015 1,250,000 x 8%

x (6mos. ÷ 12 mos.) 50,000

Second Loan

Interest from January 1 to June 30,2015

1,000,000 + 2,000,000 x 8% x (6mos. ÷ 12 mos.) 120,000

Interest from January 1 to June 30,2015 100,000

(500,000 + 2,000,000) x 8% x (6mos. ÷ 12 mos.)

Total interest expense for 2015 270,000

Complete projected income statement as follows:

Compute for Income Tax Payable:

Projected Income Tax Payable in 2015: 51,225 x (1-75%) = 12,806

- Compute for current and non-current portion of a long-term assets:

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f. Check for other information

Cash dividends of Php300,000 will be paid for 2015.

Other non-current assets and other current liabilities will remain
unchanged.

- Compute for retained earnings:

Retained earnings, beginning 2,122,069
Add: Net Income 119,525
Less: Dividends (300,000)
Retained earnings, end 1,941,594

G. Determine external funds needed (EFN)

H. Determine how external funds needed may be financed.

External Funds Needed is a plug figure to make projected assets equal
projected liabilities and shareholder’s equity.

EFN = change in total assets – (change in total liabilities + total change in

stockholders’ equity)

2015 Balances Without EFN 2014 Balances Change

Total Assets 14,152,212 12,536,189 1,616,023
Total Liabilities 11,153,379 9,414,120 1,739,259
Total Stockholder's
Equity 2,941,594 3,122,069 180,475
EFN 52,239

* A positive value for EFN, means that the company needs more funds
equivalent to the positive value of EFN.
* A negative value for EFN, means that the company has excess cash.

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Complete Financial Statement (FS) as follows:

Figure 6. Projected 2015 Statement of Financial Position of A Company

Figure 7. Projected 2015 Statement of Cash Flows of A Company

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 Explore

Activity 2. Prepare a blank Projected Statement Financial Position. Arranged

the accounts on their respective places. Choose your answers inside the box.
Copy the pro-forma and write your answers on a separate sheet of paper.

Choices:

Cash Income taxes payable Non-current assets

Non-current liabilities Other current assets Other current liabilities

Total Current Assets Total liabilities Total Stockholder’s equity

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 Deepen

Direction: Answer the following activities where you are going to apply the
steps in preparing a budget and prepare a projected statement of financial
position.

A. Prepare a Production Budget

A company forecasts sale in units for January to May as follows:

- ABC Company would like to maintain 100 units in the ending inventory at the end
of each month.
- Beginning inventory at the start of January amounts to 50 units.
- How many units should ABC Company produce in order to fulfill the expected sales
of the company?

- Use the table below as your guide.

B. Prepare Cash Budget

1. Compute for the total collection from sales

- Continue the previous activity. Assume the price is Php110/unit.
- Sales for each month are to be collected as follows:
* Month of sales: 20%
* A month after sales: 50% * 2 months after
sales: 30% - How much is the total receipts?

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Use the table below as your guide.

C. Prepare a Projected Statement of Financial Position of Sky

Company dated December 31, 2019.

• Below is the list of accounts. Follow the pro-forma Statement of Financial

Position.

Lists of accounts & their respective amount:

Net, PPE – 7,627,900 Cash - 640,000

Accounts payable -5,189,350
Owner’s Equity -16,240,315
Short-term borrowings:
Payable to PPE supplier - 1,200,000
Accrued taxes – 434,575
Accounts receivable -4,224,948
Short-term investments – 9,495,393
Inventories - 1,076,000

Rubrics

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 Gauge

Directions. Read carefully each item. Use separate sheet for your answers.
Write only the letter of the best answer for each test item.

_____ 1. What type of budget 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?
A. Cash Flow Budget
B. Budget
C. Production Budget
D. Sales Budget

_____ 2. This type of budget gives some expected sales revenue and expenses and
selling for the organization for a specific period of time.
A. Cash Flow Budget
B. Operations Budget
C. Production Budget
D. Sales Budget

_____ 3. What type of budgets 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?
A. Financial Budget
B. Operations Budget
C. Production Budget
D. Sales Budget

_____4. What factor that influence sale in an external factor?

A. Financial position of the company
B. Management style of the managers
C. Production capacity
D. Regulatory Environment

_____5. What factor that influence sale in an internal factor?

A. Competition
B. Developments in the industry
C. Foreign exchange rate
D. Production capacity

_____6. The following are examples of variable and fixed costs needed to run the
operations of the company EXCEPT?
A. Administrative cost
B. Interest Payments
C. Labor
D. Rent Payments

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_____7. What is TRUE about cash budget?
A. It calculates the number of units of products that must be
manufactured.
B. It forecasts the revenues and expenses expected for one or more
future periods.
C. It forecasts the timing of the cash inflows and matches them with
cash inflows from sales and other receipts.
D. It is typically formulated by the management team just prior to the
beginning of the year, and shows expected activity levels for the
entire year.

_____8. What makes the sentence FALSE in this statement– “If the ending balance
after payment of all the required disbursements is less than the required
ending balance, the company needs to borrow additional cash from long-term
borrowings to meet its required ending balance.”
A. Additional B. Less C. Log-term D. Required

_____9. Study and analyzed the following sentences about operation cost.
I. Operation costs are a mixed variable and fixed cost.
II. Variable costs usually vary with sales.
III. Fixed costs changed as the volume of sales changed.
A. I and II are true.
B. I and III are true.
C. II and III are true.
D. III is false.

_____10. What is the implication of a positive External Funds Needed (EFN)?

I. A positive value for EFN, means the company needs more funds
equivalent to the value of EFN.
II. This EFN can be raise in the form of short-term borrowing, long-
term borrowing, or equity or a combination of all the sources.
III.. The projected balance sheet which generated this EFN is the only iteration
in preparing a pro-forma balance sheet (Statement of Financial Position).
A. I and II are true.
B. I and III are true
C. II and III are true.
D. III is false.

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LU_Business Finance_Module 4
21
DEEPEN: ACTIVITY 3
(A.)
EXPLORE: ACTIVITY 2
JUMPSTART: ACTIVITY 1
1. D 2. B 3. B 4. A 5. A
Answer Key
LU_Business Finance_Module 4
22
GAUGE:
1. C
2. D
3. B
4. D
5. D
6. C
7. C
8. C
9. D
10. D
(C.)
(B.)
References
BOOK:

• Arthur S. Cayanan and Daniel Vincent H. Borja, 2017, Business Finance,

856 Nicanor Reyes Sr. St., Sampaloc, Manila: REX Book Store, Inc pp. 52-60

GOVERNMENT PUBLICATION:

• Chairperson: Patricia B. Licuanan, PhD., 2016, Teaching Guide for BUSINESS

FINANCE, 4th Floor, Commission on Higher Education, C.P. Garcia Ave.,
Diliman,Quezon City: The Commission on Higher Education pp. 141-161

LINKS:

• Introduction of Budget: https://courses.lumenlearning.com/sac-

anagacct/chapter/introductionto-budgeting-and-budgeting-processes/

• Define budget:
https://www.google.com/search?q=operating+budget&spell=1&sa=X&ved=2
ahUKEwjTiJix4vjqAhWB62EKHZDIDYMQBSgAegQIEhAl&biw=1242&bih=59
7

• Projected Financial Statements:

https://www.google.com/search?ei=IbgkX8zxC8ytoAT6q3IAQ&q=production
+budget&oq=production+budget&gs_lcp=CgZwc3ktYWIQAzIECAAQQzIECAA
QQzIECAAQQzIECAAQQzICCAAyAggAMgIIADICCAAyAgAMgQIABBDOgQIAB
BHOggIABCxAxCDAToICC4QsQMQgwE6CwguELEDEMcBEKMCOgcIABCxA
xBDOgUIABCxA1DArhJY5NISYNzkEmgAcAF4AIAByAiIAfVZkgEJNC0xLjQuN
S40mAEAoAEBqgEHZ3dzLXdpesABAQ&sclient=psyab&ved=0ahUKEwiMhuL
U4PjqAhXMFogKHXp9CxkQ4dUDCAw&uact=5

• Types of Budget: https://www.marketing91.com/10-types-of-budget/

• What is Budget?: https://www.pinterest.ca/pin/249035054365481149/

• Projected Financial Statements:

https://www.google.com/search?bih=582&biw=1227&hl=en&ei=nrIoX631K
JSs0QS2JCQDw&q=projected+financial+statements&oq=projected+finan&gs
_lcp=CgZwc3ktYWIQARgAMgIIADICCAAyAggAMgIIADICCAAyAggAMgIIADICC
AAyAggAMgIIADoECAAQQzoICAAQsQMQgwE6DgguELEDEIMBEMcBEKMC
OgIILjoFCAAQkQI6CAgAELEDEJECOgUIABCxA1Cy5yFY2owiYK6cImgAcAB4
AIABjQSIAbUckgEMMC4zLjEwLjEuMC4xmAEAoAEBqgEHZ3dzLXdpesABAQ
&sclient= psy-ab

• Importance of Financial Statements Projection:

https://lyfeaccounting.com/blog/what-are-projected-financial-statements-
and-why-do-ineed-them-as-part-of-my-business/

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 For inquiries or feedback, please write or call:

Department of Education – SDO La Union

Curriculum Implementation Division
Learning Resource Management Section
Flores St. Catbangen, San Fernando City La Union 2500
Telephone: (072) 607 - 8127
Telefax: (072) 205 - 0046
Email Address:
launion@deped.gov.ph
lrm.launion@deped.gov.ph

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