Q.7(a) Define the terms of budgets and also describe operation and financial budgets? (b) Identify the three sections of a cash budget. What balances are shown in this budget? (c) Naseem Co has credit sales of $600,000 in June and $ 800,000 in July company suggest that 40% is collected in month of sales 50% in the month of following sales, and 10% in the second month following sale Required: Compute the cash collection from June July and August