Question Completion Status: QUESTION 26 There are various budgets within the master budget. One of these budgets is the production budget. Which of the following BEST describes the production budget? O It details the required direct labor hours. O It details the required raw materials purchases. 0 It is calculated based on the sales budget and the desired ending nventory. O It summarizes the costs of producing units for the budget period. QUESTION 27 Which of the following statements is NOT correct concerning the Cash Budget? O It is not necessary to prepare any other budgets before preparing the Cash Budget. O The Cash Budget should be prepared before the Budgeted Income Statement. O The Cash Budget should be prepared before the Budgeted Balance Sheet. > O The Cash Budget builds on earlier budgets and schedules as well as additional data. QUESTION 28 The basic idea underlying responsibility accounting is that a manager should be held responsible for those items-and only those items-that the manager can actually control to a significant extent O True False QUESTION 29 The master budget consists of a number of separate but interdependent budgets. True O False Click Save and Submit to save and submit. Click Save All Answers to save all answers Save All Ans