Which of the following best describes a master budget?
A)An estimate of cash expenditures for long-term assets.
B)An estimate of all operating costs other than production.
C)A long-term budget that focuses on the daily operations of the organization.
D)A series of budget schedules outlining the organization's plans for the upcoming period.
E)None of the answer choices is correct.

Question

Quizplus · Accepted Answer

A master budget is a comprehensive financial plan that includes all of the organization's budgets for the upcoming period, including sales, production, operating expenses, capital expenditures, and cash flow. It is a series of budget schedules that outlines the organization's plans and strategies for achieving its goals in the upcoming period. Options A and B are too specific and do not capture the full scope of a master budget, while option C is too vague and does not accurately describe the purpose of a master budget.

Which of the Following Best Describes a Master Budget