In many companies responsibility for coordinating the preparation of the budget is assigned to

A) the company's independent certified public accountants.
B) the company's internal auditors.
C) the company's board of directors.
D) a budget committee.

The most common practice is to assign the responsibility of preparing the budget to a budget committee. This committee is usually composed of top executives and other relevant personnel who are in the best position to understand the company’s operations, market position, and financial situation. This approach ensures that the budget is based on sound assumptions, takes into account all relevant factors, and is aligned with the company’s overall strategy and objectives.