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Functional Budgets – is one which relates to a particular function of the business. Example, Sales Budget, Production Budget among others. MASTER BUDGET – when all the functional budgets have been prepared, these are summarised into a master budget. It is a consolidated summary of all the functional budgets. There are 2 parts of master budgets: o Operating Budget – budgeted profit and loss account, and o Financial Budget – Budgeted Balance Sheet
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