Choose a company that creates yearly budgets for its operations, and using your understanding of budgeting, describe the budget creation process. The essay must specifically include the following ;

1. The purpose of the budget preparation
2. Approach used in the budget preparation together with the advantages and limitations of that process as reported in the literature
3. The sources of information for the budget
4. The steps in the budget preparation
5. The existence of a budget committee or in its place the individuals involved in the budget process and their functions
6. Budget timelines from beginning to the budget approval stage
7. The budgetary control processes with respect to reporting
   1. How regular they are
   2. How variances are addressed
   3. The role of senior management versus board if any