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D196 - Module 5 with 100- correct answers.
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D196 - Module 5 with 100- correct answers.
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D196 - Module 5with 100%
correct answers
Master Budget
A network of many separate schedules and
budgets that together constitute the overall
operating and financing plan for the coming
operating period.
All budgets start with the sales budget or
sales forecast.
What is the first step of the budgeting
process?
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Based on the sales budget, a production
budget is created after taking into
consideration what level of finished goods
the company wants and how much beginning
inventory is on hand.
What is the second step of the budgeting
process?
In a manufacturing firm, the production
budget drives the direct materials, direct
labor, and manufacturing overhead budgets.
What is the third step of the budgeting
process?
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