An Operating Budget Is the Major Part of the Master

question 93

True/False

An operating budget is the major part of the master budget that focuses on the balance sheet and supporting schedules.

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Definitions:

Float Time

The period between when a check is deposited in a bank account and when the amount is credited, reflecting processing time.

Overdrafts

A financial situation where more money is withdrawn from an account than what is available, often leading to fees.

Forged Checks

Checks that have been illegally altered or signed without the account holder's authorization.

FDIC

The Federal Deposit Insurance Corporation, a United States government agency that insures deposits at banks and thrifts up to the legal limit.