130.Indicate whether each of the following statements is true or false.A master budget is a group of detailed, related budgets and schedules.The master budget includes only operating budgets.Capital...

130.Indicate whether each of the following statements is true or false.


A master budget is a group of detailed, related budgets and schedules.
The master budget includes only operating budgets.
Capital budgets include projections for purchases of property, plant, and equipment.
A sales budget includes a schedule of cash payments for inventory.
The first step in preparing the master budget is to prepare an estimate of cash that will be needed during the period.

131.Indicate whether each of the following statements is true or false.


Employees often find that budgets are constraining and limiting.
Budgets establish standards by which performance is evaluated.
The attitudes and actions of upper-level management have little impact on the effectiveness of a company's budget.
Participative budgeting means that a company's budget should be prepared with the input of lower-level employees.
In preparing a budget, information flows occur only from the bottom up.