multiple choice question\nthe annual master budget file includes the ______ from last year because it is…
multiple choice question\nthe annual master budget file includes the ______ from last year because it is needed for the schedule of expected cash collections.\no cash budget\no balance sheet\no sales budget\no income statement\nneed help? review these concept resources.\nread about the concept
Answer
Brief Explanations:
The balance sheet from last year is included in the annual master budget file for the schedule of expected cash collections. It provides the accounts receivable balance from the prior period, which is necessary to calculate cash collections (as some sales from last year may still be collected this year). The cash budget is a part of the master budget itself (not something from last year needed for cash collections). The sales budget is for planning sales in the current period. The income statement shows revenues and expenses for a period and is not directly related to the starting point (accounts receivable from last year) for cash collection calculations.
Answer:
balance sheet