Which of the following statements is (are) true regarding the master budget?
(A) A master budget consists of (a) organizational goals, (b) strategic long-range profit plan, and (c) tactical short-range profit plan.
(B) A master budget consists of only a budgeted (a) income statement, (b) balance sheet, and (c) stockholders' equity statement.
A) Only A is true.
B) Only B is true.
C) Both of these are true.
D) None of these is true.
Correct Answer:
Verified
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