Exactly like the question ask --> Provide explanations about the process:

18. Provide explanations about the process: Please describe the budgetary control process depicted. BUDGET PROCESS AND ADMINISTRATION Describe the benefits of Budgeting Process Managers must ensure that activities of employees and departments contribute to meeting the company's overall goals. This requires coordination and budgeting. Budgeting, the process of planning future business actions and expressing them as formal plans, helps to achieve this coordination. A budget is a formal statement of a company's plans, expressed in monetary terms. Unlike long-term strategic plans, budgets typically cover shorter periods such as a month, quarter, or year. Budgets are useful in controlling operations. The budgetary control process, shown in Exhibit 22.1, refers to management's use of budgets to see that planned objectives are met. EXHIBIT 22.1 Process of Budgetary Control Develop Budget Compare Actual to Budget Take Action Set New Plans The budgetary control process involves at least four steps: (1) develop the budget from planned objectives, (2) compare actual results to budgeted amounts and analyze differences, (3) take corrective and strategic actions, and (4) establish new objectives and a new budget. In this chapter we focus on the first step in the budgetary control process, developing a bud- get. In the next chapter we show how managers compare budgeted and actual amounts to guide corrective actions and make new plans. What is a formal statement of a company's plans, expressed in monetary terms? Name three important guidelines in preparing the budget. What is the first step in preparing the Master Budget? What budget is prepared after the sales budget, production budget, materials budget, labor budget, overhead budget, selling general and administrative budget and Capital Expenditures budget