A collection of smaller budgets that leads to pro-forma financial statements is referred to as the
A)master budget.
B)summary budget.
C)overall budget.
D)pro-forma budget.

Question

Quizplus · Accepted Answer

A master budget combines all the smaller budgets (such as sales, production, and operating expenses) into one comprehensive budget, which forms the basis for pro-forma financial statements.

A Collection of Smaller Budgets That Leads to Pro-Forma Financial