The first step in preparing the master budget is the preparation of the budgeted income statement.

Name: The first step in preparing the master budget is the preparation of the budgeted income statement.
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The first step in preparing the master budget is usually the sales forecast, followed by the preparation of the budgets for production, purchases, selling and administrative expenses, and then the budgeted income statement can be prepared based on the other budgets.

The First Step in Preparing the Master Budget Is the Preparation