What is the definition of a master budget?
a. A master budget is a budget that is always available for a specified future period. It is created by continually adding a month, quarter, or year to the period that just ended.
b. A master budget is a budget that expresses management's operating and financial plans for a specified period and includes a set of budgeted financial statements.
c. A master budget is a mathematical representation of the relationships among operating activities, financing activities, and other factors that affect the company.
d. A master budget is a budget that focuses on the budgeted cost of the activities necessary to produce and sell products and services.

Question

23-10-2019
Business

contestada

What is the definition of a master budget?
a. A master budget is a budget that is always available for a specified future period. It is created by continually adding a month, quarter, or year to the period that just ended.
b. A master budget is a budget that expresses management's operating and financial plans for a specified period and includes a set of budgeted financial statements.
c. A master budget is a mathematical representation of the relationships among operating activities, financing activities, and other factors that affect the company.
d. A master budget is a budget that focuses on the budgeted cost of the activities necessary to produce and sell products and services.

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Answer:

b. A master budget is a budget that expresses management's operating and financial plans for a specified period and includes a set of budgeted financial statements.

Explanation:

Master budget -

It is the collection of all of the lower - level budgets that are produced by the various functional areas of the company , which includes , a financing plan , a cash forecast and budgeted financial statements .

The master budget of the complete financial year is given on the monthly basis or on the quarterly basis .

hence , the correct definition of Master budge is given in option ( b ).