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I just had a question regarding the master budget. In the book it says that it includes two classes of budgets, operating budgets and financial

I just had a question regarding the master budget. In the book it says that it includes two classes of budgets, operating budgets and financial budgets. But, I'm just curious whether or not companies are this elaborate when it comes to their budgeting procedures? Do they always have a master budget or are they just fine with an operating budgeting or a financial budget?

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