Question: 1. What sequence is followed in preparing the budgets that constitute the master budget?
2. What is a master budget?
3. What are the three primary categories of budgets in the master budget?
i. Identify at least three roles that budgeting plays in helping managers control and monitor a business.
ii. What two common benchmarks can be used to evaluate actual performance? Which of the two is generally more useful?
iii. What is the benefit of continuous budgeting?
iv. Identify three usual time horizons for short-term planning and budgets