The master budget usually includes

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The master budget typically includes all of the above elements, including an operating budget, a capital budget, and pro forma financial statements. The operating budget outlines the company's revenue and expenses for a specific time period, while the capital budget details the long-term investments the company plans to make. Pro forma financial statements project the company's financial results based on estimates and assumptions. These three elements are often combined into a comprehensive master budget that guides the company's financial planning and decision-making.

The Master Budget Usually Includes