The first and last steps respectively in the development of a master budget are:
A) forecasting sales and estimating expenses.
B) identifying goals and preparation of the cash budget.
C) identifying goals and preparation of a set of budgeted financial statements.
D) preparation of the sales budget and preparation of the capital expenditure budget.

Question

Quizplus · Accepted Answer

The first step in the development of a master budget is identifying goals, while the last step is the preparation of a set of budgeted financial statements. This allows for the evaluation of the budget as a whole and its alignment with the organization's goals.

The First and Last Steps Respectively in the Development of a Master