Which of the following statements about a master budget is false?

Select one:

a$.$ The types and sequence of the budgets included in a master budget are dictated by GAAP.

b$.$ The sales budget is the first budget prepared within a master budget.

c$.$ Larger, more complex organizations usually require a longer time to prepare their budgets than smaller

organizations because of the considerable effort to coordinate the different units within the business.

d$.$ The number and types of budgetis included in a master budget depend on the company's size and

complexity.

e$.$ A master budget includes individual budgets for sales, production or purchases, various expenses,

capital expenditures, and cash.