1.The objective of the operating budget is to produce

A.Budgeted income statement

B.Budgeted balance sheet

C.Budgeted statement of cash flows

D.None of the above

2.The objective of the financial budget is to produce

A.Budgeted income statement

B.Budgeted balance sheet

C.Budgeted statement of cash flows

D.None of the above

3.The first step in producing the operating the budget is to complete the

A.Materials budget

B.Overhead budget

C.Sales budget

D.Labor budget