__________ is a summary of all functional budgets in a capsule form.
Cash budget
Flexible budget
Master budget
Production budget
A
Master budget
B
Cash budget
C
Production budget
D
Flexible budget
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Solution
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Budget prepared for each of the function is called as functional budget. These may be sales budget, Raw Material budget, expense budget, cash budget etc.
A master budget is an aggregation of all lower level budget produced by the company for all functional areas. It includes summary of all budget and produce in a consolidated form.
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