The master budget is a small component of the comprehensive budget True False The master budget includes individual budgets for sales, production or purchases, various expenses, capital expenditures, and cash True False Part of the budgeting process is summarizing the financial statement effects on the budgeted income statement and the budgeted balance sheet. True False A master budget refers to a company's sales budget that includes all of its segments or departments. True False Traditional budgeting is generally better than activity-based budgeting when attempt to reduce costs by eliminating non-value-added activities. True False The sales budget is derived from the production budget. True False A capital expenditures budget is prepared before the operating budgets. True False The selling expenses budget is normally prepared before the sales budget because selling expenses the amount of sales. True False Pan of the cash budget is based on information taken from the capital expenditures budget. True False A cash budget shows the expected cash receipts and cash expenditures during the budget period. True False The budgeted balance sheet is prepared primarily from data contained in the previously prepared components of the master budget. True False Production budgets always show both budgeted units of product and total costs for the budgeted units. True False The manufacturing budgets include the sales budget and the budgeted income statement. True False