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Question
The ______ budget is a summary of all the budgets.
Options
Cash
Sales
Master
Production
Solution
The master budget is a summary of all the budgets.
Explanation:
Master budget is a summary of all budgets. Therefore, it is also known as a summary budget. The Institute of Cost Management Accountants, England, has defined it as "the summary budget, incorporating its component functional budgets, which is finally approved, adopted and employed." Thus, the master budget is a summarised form of all the budgets of a firm.
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