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Question
The budget which commonly takes the form of budgeted profit and Loss account and Balance sheet is ______________.
The budget which commonly takes the form of budgeted profit and Loss account and Balance sheet is ______________.
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Solution
The correct option is D Master budget
Master budget is a summary of all functional budgets. It gives an overall view of the firm's plan of action for the budget period. In a master budget a summary of functional budgets are incorporated. Master budget takes two forms – a budgeted profit and loss account and budgeted balance sheet.
Master budget is a summary of all functional budgets. It gives an overall view of the firm's plan of action for the budget period. In a master budget a summary of functional budgets are incorporated. Master budget takes two forms – a budgeted profit and loss account and budgeted balance sheet.
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