___________ is a summary of all functional budgets in a capsule form.
Master budget
Zero-base budget
Cash budget
Flexible budget
A
Master budget
B
Cash budget
C
Zero-base budget
D
Flexible budget
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Solution
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The Master Budget is consolidated summary of the various functional budgets. It has been defined as “a summary of the budget schedules in capsule form made for the purpose of presenting, in one report, the highlights of the budget forecast”.
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