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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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What is a master budget? An operating budget? A financial budget?

To determine

Explain the meaning of a master budget, operating budget and financial budget.

Explanation

Budgets:

Budgets are prepared for the planning and controlling purposes. Budgets facilitate planning and making decisions to achieve the desired objectives and are prepared to enable comparison between actual and expected outcomes.

Master budget is an overall budget of the organization. Master budget is prepared for the whole year. Operating budgets and financial budgets are the components of master budgets...

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