Introduction Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order. A master budget is a management tool for planning. A flexible budget provides crucial information for differing levels of business activity. A master budget is a formal planning tool used to chart the organization's future. Compiling a master budget serves to provide the financial information needed to make decisions, choose strategies, and create action plans. A master budget also helps to communicate the organization's expenses to all employees. Overview Note: Accounting requires specific steps that need to be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order. A master budget is a formal planning tool used to chart the organization's future. Compiling a master budget serves to provide the financial information needed to make decisions, choose strategies, and create action plans. A master budget also helps to communicate the organization's expenses to all employees. Instructions This assessment has two parts. Part A For Part A, use the Based on the data in the template, which represents a company's estimated balance sheet, prepare a complete master budget. Part B For Part B, use the Master Budget Preparation Template [XLSX]. Based on the data in the template, complete the problems on flexible budget preparation and computation of materials