Which of the following statements is true? I. The budgeted income statement is typically prepared before the budgeted balance sheet. II. The cash budget is the starting point in preparing the master budget. III. The production budget is typically prepared prior to the sales budget. IV. Budgets are prepared for two distinct reasons which are planning and control. Multiple Choice Only statement I is true. Only statement III is true. Only statements III and IV are true. Only statements I and IV are true. All of the statements are true