Question: Mark Newton has just opened a gourmet coffee bar, the fi rst of its kind in Fountain, North Carolina. You are Mark's accountant. On a

Mark Newton has just opened a gourmet coffee bar, the fi rst of its kind in Fountain, North Carolina. You are Mark's accountant. On a recent visit to the store, you asked how the budget was coming along. Mark replied that since there was no history of gourmet coffee sales in Fountain, he didn't know how to prepare a budget, and he didn't really see the need for one.

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Explain to Mark the importance of budgeting and provide some guidance on how he should go about the process.

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