Which of the following statements is true? 1. The master budget consists of a number of s 2. The production budget is typically prepared 3. The selling and administrative budget is typi Multiple Choice Only statement 2 is true. All of the statements are true. None of the statements are true. Which of the following statements is true? 1. The master budget consists of a number of s 2. The production budget is typically prepared 3. The selling and administrative budget is typi Multiple Choice Only statement 2 is true. All of the statements are true. None of the statements are true