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Question
Select the correct statement(s) about the master budget.
Options
It is a summary of all budgets.
This budget requires the approval of the Budget Committee before it is put into operation.
A careful analysis of the needs of all administrative departments of the enterprise is necessary.
The overall objective of a master budget is to enable the firm to prevent accumulations of excess cash balance.
Solution
It is a summary of all budgets and this budget requires the approval of the Budget Committee before it is put into operation.
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