Which of the following statements is true about a master budget?
I. It is a summary of all other budgets. It is expressed as a budgeted income and is mentioned in the balance sheet.
II. The master budget comprises of the operating budget and the financial budget.
III. It is used for both planning and control of organizational activities within the budget period.
IV. It contains a quantitative expression of the organization’s plan and the full budgetary process includes planning and control.
V. The preparation of a master budget involves full and genuine participation, clear goal definition, and good communications of all involved in the organization.
a. I & III only
b. I, III & IV only
c. IV & V only
d. I, II, III, & IV