Which of the following statements is INCORRECT regarding Master Budget?

1 Master budget is one type of operational budget

2. Master budget is focusing specific volume of business activity that is expected.

3 Budgeted balance sheet should be prepared before budgeted income statement.

4. Master budget starts from preparing sales budget.

Expert Solution

(3) Budgeted balance sheet should be prepared before budgted income statement.

Explanations:

Budgeted income statement is prepared before budgeted balance sheet because the net income amount is used in statement of stockholder's equity comes from the Budgeted income statement and after that it will use in balance sheet.

ekkarill92 answered 2 years ago

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