Question: 20. In preparing a master budget for a commercial entity, the last schedule prepared is usually the cash budget which summarizes all the previously prepared

20. In preparing a master budget for a commercial entity, the last schedule prepared is usually the cash budget which summarizes all the previously prepared schedules and provides all information required for control purposes. 23. On a budgeted balance sheet, the retained earnings number is the net income number as projected by the budgeted income statement

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