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Question

Master budget is a __________.

A
Functional Budget
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B
Operating Budget
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C
Summary Budget
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D
Financial Budget
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Solution

The correct option is B Summary Budget
The master budget is the aggregation of all lower-level budgets produced by a company's various functional areas, and also includes budgeted financial statements, cash forecast, and a financing plan. Master budget acts as summary budget acts as summary budget incorporating its component functional budgets and which is finally approved adopted and employed.

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