Final answer:
The Office of Management and Budget (OMB) is responsible for coordinating the preparation of the budget and reviewing all submitted budgets in many companies, particularly in the federal government's executive branch.
Step-by-step explanation:
In many companies, responsibility for coordinating the preparation of the budget and reviewing all submitted budgets is typically assigned to an office within the executive branch of the federal government, specifically the Office of Management and Budget (OMB). The OMB is tasked with producing the president's annual budget and oversees its implementation, in addition to overseeing the performance of the executive bureaucracy. Furthermore, the OMB has a significant role in reviewing federal regulations for the president, issuing executive orders, and managing presidential directives.
The budget process includes various stages where the President of the United States, with the assistance of the OMB and his advisors, prepares a budget for the fiscal year. Congress, aided by the Congressional Budget Office (CBO), reviews and amendments this proposal before adopting a final budget.
The federal budget is prepared for a fiscal year that begins on October 1 and ends on September 30 of the following year. It accounts for potential surpluses or deficits based on projected tax revenues and government expenditures.