Acomprehensive business plan that includes specific plans for expected sales, the units of product to be produced, the merchandise or materials to be purchased, the expenses to be incurred, the long-term assets to be purchased, and the amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet.

A Master Budget

Explanation:

What is a Master Budget

A master budget is the central planning and forecast tool for an organisation. It is the main budget in an organisatoin that that is computed or developed from all the individual budgets developed by different functional departments in an organisation.

Alongside all the relevant components of a master budget, an explanatory text may be issued to explain how the budget will assist an organisation to achieve it goals and objective as well as the strategic direction of the organisation. It will also contain texts on the specific management actions required to achieve the budget.

The presentation of a master budget is usually in monthly, quarterly, bi-annual and annual formats to represent a fiscal year.

Components of a Master Budget

At the end of the fiscal or financial year, the budgeted expenditure is compared  with the actual to see how the organisation fared.

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explanation:

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