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Developing master budget is the sales budget

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Reference no: EM133307208

TRUE/FALSE

1. The starting point for developing a master budget is the sales budget.

2. Preparing the budgeted balance sheet is the first step in preparing budgets.

3. Service organizations do not need production budgets.

4. Service organizations do not have ethical issues in budgeting.

5. Differential analysis requires the identification of all assets that will change during the budget year.

Reference no: EM133307208

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