Questions:
After studying this chapter, you should be able to:
1. Describe budgeting, its objectives, and its impact on human behavior.
2. Describe the basic elements of the budget process, the two major types of budgeting, and the use of computers in budgeting.
3. Describe the master budget for a manufacturing business.
4. Prepare the basic income statement budgets for a manufacturing business.
5. Prepare balance sheet budgets for a manufacturing business.