lease describe the master budget for a manufacturing firm, which budget is prepared first, and how that budget is used to prepare the next budget(s). Please provide three different items out of any of the budgets and explain how an error in one could impact other budgets that come later.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Please describe the
Please provide three different items out of any of the budgets and explain how an error in one could impact other budgets that come later.
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