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Which of the following statements about the master budget is not true? -it is a series of budgets -the first budget is the production budget

Which of the following statements about the master budget is not true?

-it is a series of budgets

-the first budget is the production budget

-merchandising firms have a purchases budget

-manufacturing firms have budgets for material, labor, and overhead.

-one of the last budgets is the cash budget.

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