The Master Budget Includes 3 Components-The Operating Budget, the Capital

question 91

True/False

The master budget includes 3 components-the operating budget, the capital expenditures budget and the financial budget.

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Definitions:

Work in Process

Inventory consisting of items that are in the production process but are not yet completed products.

T Accounts

A representation in accounting used to track the increases and decreases in individual financial statement items.