The three major components of the master budget are the financial budgets, the capital budgets, and the pro forma financial statements.
Answer the following statement true (T) or false (F)
False
The master budget is a group of detailed budgets and schedules representing the company's operating and financial plans for a future accounting period. The master budget usually includes (1) operating budgets, (2) capital budgets, and (3) pro forma financial statements.
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