The first step in the master budgeting process is to develop the capital expenditures budget.

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The first step in the master budgeting process is typically to prepare the sales budget, followed by the production budget, which then leads to other budgets, such as the direct materials budget, direct labor budget, and overhead budget. The capital expenditures budget is usually one of the last budgets to be prepared in the master budgeting process.

The First Step in the Master Budgeting Process Is to Develop