The master budget is the set of budgeted financial statements and supporting schedules for the entire organization.

Question

Quizplus · Accepted Answer

The statement is correct. The master budget is the comprehensive set of budgeted financial statements and supporting schedules for the entire organization, including budgets for sales, production, operations, capital expenditures, and cash flow. It is a crucial tool for planning, controlling, and managing the financial activities of the organization.

The Master Budget Is the Set of Budgeted Financial Statements