Explain the process for creating an operating budget and its importance. Describe how revenues and expenses are grouped for planning and control in the financial statements.

Complete a 12-month operating budget  in which you include the projected net profit . Turn in with the summary,

After completing the budget template,  write a two- to three-page summary including the following:

Explain the process for creating an operating budget and its importance.
Describe how revenues and expenses are grouped for planning and control in the financial statements.