Definitions for: master (COMPREHENSIVE) budget
master (COMPREHENSIVE) budget
plan of activities expressed in monetary terms of the assets, equities, revenues, and costs that will be involved in carrying out the plans. Simply put, a master budget is a set of projected or planned financial statements. It consists basically of a pro forma income statement, pro forma balance sheet, and cash budget. A budget is a tool used for both planning and control. At the beginning of the period, the budget is a plan or standard; at the end of the period, it serves as a control device to help management measure its performance against the plan so that future performance may be improved.
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