26. Successful budget implementation depends on clear communication of T.F. performance expectations and budget targets, and on the support of top management. LF. Participative budgeting is a process in which personnel at all levels of an organization actively engage in making decisions about the budget. A retail organization's operating budgets typically include all of the following except: a. Sales budget b. production budget c. purchases budget d. selling and administrative expense budget e. cost of goods sold budget, In developing a master budget, the last item prepared is the: a. budgeted balance sheet b. budgeted income statement c. capital budget d. cash budget e. none of the above. 27 28. 29