The budget which commonly takes the form of budget Profit and loss Account and Balance sheet is ______________.

Cash budget

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Master budget

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Flexible budget

No worries! We‘ve got your back. Try BYJU‘S free classes today!

None of these

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A Master budget
A master budget is the aggregation of all lower level budget produced by a company's various functional budget. The major component of master budget includes incomes , expenses, overheads and production costs. Master Budget is prepared in the form of P&L and Balance Sheet.

Suggest Corrections

Similar questions

Q. The budget which commonly takes the form of budgeted profit and Loss account and Balance sheet is ______________.

Q. Steps of preparing Final Accounts is -
(a) Trading Account
(b) Profit and Loss Account
(c) Balance Sheet

A Statement of Affairs is similar to the :

(a) Balance sheet
(b) Trial balance
(c) Trading Account
(d) Profit & Loss Account

Q. Master budget is a __________.

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

Join BYJU'S Learning Program