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Question
What is a Master Budget?
Solution
A master budget includes all lower-level budgets created by a company's many functional units. The financial strategy directs decision-making by connecting financial goals with operational plans. The document covers specific budgets for numerous departments and functions, including sales, production, marketing, and finance. It provides a holistic perspective of the company's financial performance and helps management monitor progress and make educated strategic decisions to ensure the achievement of organisational goals.
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Budgeting is
