You have been hired as a controller of Hughes Co., a small but growing business that manufactures

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Question:

You have been hired as a controller of Hughes Co., a small but growing business that manufactures high-end electronics distributed through retail superstores. You plan to prepare the current-year budget based on the previous

year's actual revenues and expenses. The company has never had a formal budget.

Justifying the need to establish a formal budget. Discuss the advantages and disadvantages of the budget process.

Reminder. Your response will be graded for both technical content and writing skills. Technical content will be evaluated for information that is helpful to the intended reader and clearly relevant to the issue. Writing skills will be evaluated for development, organization, and the appropriate expression of ideas in professional correspondence. Use a standard business memo or letter format with a clear beginning, middle, and end. Do not convey

information in the form of a table, bullet point list, or other abbreviated presentation.