Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

3. Accrual Accounting Concepts

Closing Entries

Financial Accounting

3. Accrual Accounting Concepts

Closing Entries

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Multiple Choice

Which of the following is the last step in developing the master budget?

Preparation of the sales budget

Preparation of the budgeted balance sheet

Preparation of the cash receipts schedule

Preparation of the production budget

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Verified step by step guidance

Understand the concept of a master budget: A master budget is a comprehensive financial planning document that includes various individual budgets, such as sales, production, and cash budgets, culminating in the budgeted financial statements.

Identify the sequence of budgets: The master budget typically starts with the sales budget, as it drives other budgets like production, direct materials, and cash budgets. Each subsequent budget depends on the information provided by the preceding one.

Recognize the role of the budgeted balance sheet: The budgeted balance sheet is the final step in the master budget process. It summarizes the expected financial position of the company at the end of the budget period, incorporating all prior budgets.

Compare the options provided: Preparation of the sales budget is the first step, while preparation of the production budget and cash receipts schedule are intermediate steps. The budgeted balance sheet is the last step in the process.

Conclude that the correct answer is 'Preparation of the budgeted balance sheet,' as it represents the culmination of all prior budgeting activities in the master budget process.