A master budget is a planning document that presents expected variable and fixed overhead costs at different activity levels.

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A master budget is a comprehensive financial plan that includes all aspects of a company's operations, including sales, production, purchasing, and financing. It typically includes budgets for income statements, balance sheets, cash flows, and capital expenditures. While variable and fixed overhead costs may be included in some of these budgets, a master budget is not specifically focused on presenting expected overhead costs at different activity levels.

A Master Budget Is a Planning Document That Presents Expected