The First and Last Steps Respectively in the Developing a Master

question 16

Multiple Choice

The first and last steps respectively in the developing a master budget are:

• A)Forecasting sales; estimating expenses
• B)Preparation of the sales budget; preparation of the capital expenditure budget
• C)Identifying goals; preparation of a set of budgeted financial statements
• D)Identifying goals; preparation of the cash budget

---

Definitions:

Land

An asset representing real estate property, excluding buildings or structures, used in accounting as a long-term asset.

Brokerage Commission

The fee charged by a broker for executing transactions or providing specialized services.

Outdoor Parking

An area designated for the parking of vehicles that is not covered or enclosed, typically found outside of buildings or in open spaces.

Fences

Physical structures that are erected to enclose or divide areas of land, often considered as land improvements in an accounting context.