Select the correct statement about the master budget.
A. The master budget usually includes operating budgets and capital budgets, and pro forma financial statements.
B. Preparing the master budget begins with the cash budget.
C. The budgeting process usually begins with preparing the strategic budgets.
D. The master budget is a group of detailed budgets and schedules representing the company's operating and financial plans for the past accounting period.
Answer: A
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Native Mike's Consultants had the following balance sheet amounts at the beginning of the year: Total assets $400,000 Total owner's equity 150,000 During the year, total assets increased by $100,000 and total liabilities increased by $40,000 . The company also paid $30,000 in dividends. No other transactions occurred except revenues and expenses. How much is net income for the year?
a. $30,000 b. $60,000 c. $70,000 d. $90,000
The collection of all possible sample points in an experiment is
A. the sample space. B. an event. C. a combination. D. the population.
The more impressions a type of media can generate, the greater its reach is
Indicate whether the statement is true or false
Revenues are:
a. cash payments from customers. b. outflows of assets to customers. c. cash receipts from customers. d. inflows of assets from customers. e. sensitive to the timing of cash receipts from customers.