Knowledge Check 03 Which of the following does NOT appear on the budgeted balance sheet? Multiple Choice O Cash Direct material inventory Finished goods inventory O Budgeted net operating income Knowledge Check 06 Which of the following statements about a budgeted income statement is true? Multiple Choice O The budgeted income statement is prepared using the financial budgets The budgeted income statement is prepared using the operating budgets. O The budgeted Income statement is prepared after the financial budgets are prepared. O The budgeted income statement is prepared before the sales budget