Which of the Following Statements Is True of Budgets

question 88

Multiple Choice

Which of the following statements is true of budgets?

• A) Master budgets express management's operating and financial plans.
• B) Financial budgets are prepared before the master budget is prepared.
• C) Operating budgets are prepared independently of the master budget.
• D) The budgeted balance sheet is the first budget prepared as management is very much concerned with projected financial position

---

Definitions:

Signed Memo

A written document that has been signed by the author or parties involved, often serving as a record or agreement.

Revocation

The act of withdrawing, cancelling, or reversing a decision, offer, or statement.

Manufacturer

A manufacturer is a person or company that makes goods for sale, often involving the use of raw materials, machinery, and labor to produce finished products.

Landscape

The visible features of an area of land, including the physical elements of landforms, water bodies, living elements, and human elements such as structures and buildings.