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Unformatted text preview: primarily on the cash resources needed to fund expected operations and planned capital expenditures. Illustration 20-2 pictures the individual budgets included in a master budget, and the sequence in which they are prepared. The company first develops the operating budgets, beginning with the sales budget. Then it prepares the financial budgets. We will explain and illustrate each budget shown in Illustration 20-2 except the capital expenditure budget. That budget is discussed under the topic of capital budgeting in Chapter 23 . Illustration 20-2 Components of the master budget...
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- Fall '11