Which of the following is the last budgeted financial statement to be prepared?

Question

Quizplus · Accepted Answer

The budgeted balance sheet is the last budgeted financial statement to be prepared because it requires information from both the budgeted income statement and the cash budget. In order to budget the ending balances of assets and liabilities on the balance sheet, the expected cash flows from the cash budget and the results from the income statement are needed. Therefore, the budgeted balance sheet is prepared last once the other two statements have been completed.

Which of the Following Is the Last Budgeted Financial Statement