141. The sales forecast is the basis for the sales budget.
a. True
b. False
142. The sales budget shows the expected sales quantity and price of each product or service.
a. True
b. False
143. The first section of the master budget is the financial budget.
a. True
b. False
144. The production budget describes how many units must be produced in order to meet sales and inventory needs.
a. True
b. False
145. In a for-profit service firm, the sales budget is also the production budget.
a. True
b. False
146. Once all the operating budgets have been completed, the net income can be estimated.
a. True
b. False
147. The capital expenditures budget is a long-term financial plan.
a. True
b. False
148. The cash budget is the least priority budget in the master budget.
a. True
b. False
149. The cash excess or deficiency section of the cash budget compares expected available cash to the expected cash needed.
a. True
b. False
150. The budgeted income statement depends partly on information in the budgets in the master budget.
a. True
b. False
a. True
b. False
142. The sales budget shows the expected sales quantity and price of each product or service.
a. True
b. False
143. The first section of the master budget is the financial budget.
a. True
b. False
144. The production budget describes how many units must be produced in order to meet sales and inventory needs.
a. True
b. False
145. In a for-profit service firm, the sales budget is also the production budget.
a. True
b. False
146. Once all the operating budgets have been completed, the net income can be estimated.
a. True
b. False
147. The capital expenditures budget is a long-term financial plan.
a. True
b. False
148. The cash budget is the least priority budget in the master budget.
a. True
b. False
149. The cash excess or deficiency section of the cash budget compares expected available cash to the expected cash needed.
a. True
b. False
150. The budgeted income statement depends partly on information in the budgets in the master budget.
a. True
b. False