All of the following statements are true except: The final schedule of the maste

Question

All of the following statements are true except: The final schedule of the master budget is the cash budget. A cash budget is a detailed plan showing how cash resources will be acquired and used The first step in the budgeting process is the preparation of the sales budget, which is a detailed schedule showing the expected sales for the budget perioo The master budget consists of a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals.

Explanation / Answer

The first statement is False. Infact, the final schedule of the master budget is the balance sheet. A balance sheet is the estimation of companies assets, liabilities and stockholders equity at a particular time which is usually end of a fiscal year.

All the other statements are true.

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