Indicate whether each of the following statements is true or false.
1. A master budget is a group of detailed, related budgets and schedules.
2. The master budget includes only operating budgets.
3. Capital budgets include projections for purchases of property, plant, and equipment.
4. A sales budget includes a schedule of cash payments for inventory.
5. The first step in preparing the master budget is to prepare an estimate of cash that will be needed during the period.

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The Answer of Indicate whether each of the following statements is true or false.
1. A master budget is a group of detailed, related budgets and schedules.
2. The master budget includes only operating budgets.
3. Capital budgets include projections for purchases of property, plant, and equipment.
4. A sales budget includes a schedule of cash payments for inventory.
5. The first step in preparing the master budget is to prepare an estimate of cash that will be needed during the period.

Indicate Whether Each of the Following Statements Is True or False