Effective budgeting can be done on the basis of rough guesses and hopes be really knows what will happen in the future. Effective budgeting requires acceptance by all levels of management. cause no one Save Question 34 (2 points) Which of the following budgets would be prepared for a manufacturing company but not for a merchandising company? direct labor budget sales budget o cash budget budgeted income statement Save Question 35 (2 points) B Which of the following is the last step in preparing the operating budgets? budgeted balance sheet