Which of the following statements about a budgeted income statement is not true?
A) The budgeted income statement is prepared after the financial budgets are prepared.
B) The budgeted income statement is prepared on the accrual basis of accounting.
C) The budgeted income statement can be prepared in a multiple-step format.
D) The budgeted income statement is prepared using the individual operating budgets.

Question

Quizplus · Accepted Answer

The budgeted income statement is prepared before the financial budgets are prepared, as it is an essential component of the master budget.

Which of the Following Statements About a Budgeted Income Statement