How does long-range planning compare to a master budget?
A)It focuses on meeting profit objectives instead of strategies to achieve those goals.
B)It is less detailed than an annual budget.
C)It is prepared by the president, unlike a master budget which is prepared by a budget committee.
D)It generally encompasses a shorter period of time than a master budget.

Question

Quizplus · Accepted Answer

Long-range planning is typically broader and less detailed than an annual budget, focusing on strategic goals over a longer period, usually 3-5 years, whereas a master budget is detailed and covers a shorter period, typically one year.

How Does Long-Range Planning Compare to a Master Budget