Question

___________ is a summary of all functional budgets in a capsule form.

• A. Master budget
• B. Cash budget
• C. Flexible budget
• D. Zero-base budget

Answer 1

The correct option is A Master budget

The Master Budget is consolidated summary of the various functional budgets. It has been defined as “a summary of the budget schedules in capsule form made for the purpose of presenting, in one report, the highlights of the budget forecast”.