In cross-functional budgeting, which statement best describes 'budget ownership'?

In cross-functional budgeting, which statement best describes 'budget ownership'?

• A. Budget ownership means one department controls all budgets.
• B. Budget ownership assigns budgets to a single owner, with no cross-functional input.
• C. A formal process for approving or owning budgets by all stakeholders with clear accountabilities.
• D. Budget ownership is optional and informal.

Answer: (B)