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QUESTION 10 Which of the following best describes an operating budget? O a. b. An estimate of cash expenditures for long-term assets. A short-term budget that focuses on the daily operations of the organization. A series of budget schedules outlining the organization's plans for the next three years. O c. O d. An estimate of all operating costs other than production. QUESTION 11 What is the correct order in which the following budget schedules are prepared? 1. 2. 3. Direct materials purchases Production Direct labor Sales Manufacturing overhead 4. 5. O a. 2,1,5,3,4 ob. 4,2,1,3,5 . 2,3,1,4,5 d. 4,1,5,3,2