Response to the following questions:
1. Consider the budget for your travel itinerary business. Explain how you benefit from preparing the budget.
2. In what order should you prepare the following components of the master budget?
Budgeted income statement
Operating expense budget
Cash budget
Budgeted statement of cash flows
Purchases and cost of goods sold budget
Capital expenditures budget
Budgeted balance sheet
Sales budget
Inventory budget
Which are components of the operating budget? Which are components of the financial budget?