Identify which of the following sets of items are necessary components of the master budget. 1. Operating

Question:

Identify which of the following sets of items are necessary components of the master budget.
1. Operating budgets, historical income statement, and budgeted balance sheet.
2. Prior sales reports, capital expenditures budget, and financial budgets.
3. Sales budget, operating budgets, and historical financial budgets.
4. Operating budgets, financial budgets, and capital expenditures budget.