Explain the steps followed to calculate the gross margin budget, partial budget, complete budget, and cash flow budget in a financial year with references?

Calculating the gross margin budget, partial budget, complete budget, and cash flow budget in a financial year involves several steps. Here is a general outline of the process:

1. Gross Margin Budget:
- Calculate the total revenue by estimating the sales volume and price per unit.
- Determine the total variable costs associated with producing the goods or services.
- Subtract the total variable costs from the total revenue to calculate the gross margin.

2. Partial Budget:
- Identify the specific changes or decisions that will impact the financial performance of the business.
- Estimate the costs and benefits associated with each change or decision.
- Calculate the net impact on the budget by subtracting the costs from the benefits.

3. Complete Budget:
- Develop a detailed budget for all revenue and expenses for the entire financial year.
- Include fixed costs, variable costs, and any other expenses that are expected to occur.
- Review and adjust the budget as needed to ensure it is realistic and achievable.

4. Cash Flow Budget:
- Estimate the cash inflows and outflows for each month of the financial year.
- Include revenue from sales, loans, investments, and any other sources of income.
- Account for expenses such as salaries, rent, utilities, and other operating costs.
- Calculate the net cash flow for each month by subtracting the total cash outflows from the total cash inflows.

References:
- "Financial Management for Agribusiness" by W. Bruce Traill and Richard S. Gray
- "Budgeting Basics and Beyond" by Jae K. Shim and Joel G. Siegel
- "Financial Management: Theory & Practice" by Eugene F. Brigham and Michael C. Ehrhardt