AaBbCcDdEe AaBbccbdee AaBbCcDc AaBbc Av Normal No Spacing Heading 1 Headie 5. Become very familiar with the master budget. Briefly describe cach of the budgets within the master budget. Master budget is a comprehensive set of budget covering all phases of an organization planned activities for a time period. Inside is cash budget, cost of goods sold budget etc. 1 6. What is the first step to prepare the operating budgets in a master budget? 7. What types of information might a manager use to develop their assumptions used to prepare budgets? Chapter 9 - Review questions: 1. What is the difference between a normal costing system and a standard costing system? 2. What is included on a standard costing card? 3. Describe a static budget versus a flexible budget. 4. What is a spending variance