Question: 1. What are the major benefits of budgeting?
2. What is the main responsibility of the budget committee?
3. What is the usual time period covered by a budget?
4. What are rolling budgets?
5. A master budget
(a) always includes a manufacturing budget specifying the units to be produced;
(b) is prepared with a process starting with the operating budgets and continues with the capital expenditures budget and then financial budgets; or
(c) is prepared with a process ending with the sales budget.