Discuss how you would develop the master budget in your firm (or a firm you have an interest in).

1. Budgeting for the operating period is an invaluable and necessary tool. Discuss how you would develop the master budget in your firm (or a firm you have an interest in). Consider your response from either your personal or professional experience, including the budget preparation process, participants, and your assessment of the process. Please use this reference ONLY. Chapter 24 & 25 , Weygandt, J. J., Kimmel, P. D., & Mitchell, J. E. (2021). Accounting principles (14th ed.). Wiley.https://online.vitalsource.com/#/books/9781119707080
2. Please respond to this posting from a peer. ” Budgeting for anything is important. Life, work travel plans, etc. A master budget for an operating period is just as important if not even more important. It is similar to a set of instructions that describes how the budget can be spent in each area. Developing a master budget for an event planning business is typically per event. When creating this budget it is very important that it is very detailed and accurate if not a little over because underestimating a budget can cause a lot of issues and delays. To start preparing to create the budget it is important to list out all of the items needed for the event, the number of guests to accurately estimate cost for meals, decorations, furniture needed, and any services needed. This would include caterer, set-up and breakdown service, and DJ. It is important to include the client when developing this budget so we are able to be honest about the funds needed and add or take away things they do not want. It is important to keep a close eye on the budget throughout the time frame of creating the event, if funds fall short, we have to reasses where we are spending and determine where we can cut costs moving forward or if we have to add to the budget to continue forward. “