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Which of the following is false in terms of budgets? '_ i The master budget consists of a plan of action for a specified time period. ('2 Operating budgets must be completed before the nancial budgets can be prepared. by The production budget must be completed before the materials purchases budget because the number of units to be produced must be known to determine how much material to buy. 0 The cash budget displays expected cash ows in two sections: cash receipts and cash disbursements