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Which of the following statements is true? The budgeted income statement is typically prepared before the budgeted balance sheet. The cash budget is the starting

Which of the following statements is true?

  1. The budgeted income statement is typically prepared before the budgeted balance sheet.
  2. The cash budget is the starting point in preparing the master budget.
  3. The production budget is typically prepared prior to the sales budget.

Multiple Choice

Only statement Ione is true.

Only statement III is true.

All of the statements are true.

None of the statements are true.

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