What Is the Sequence of Steps Used in Preparing the Master

Multiple Choice

What is the sequence of steps used in preparing the master budget?

A) Output from operating budgets is used to prepare the financial budgets.
B) Output from financial budgets is used to prepare the operating budgets.
C) Operating and financial budgets are prepared independently at the beginning of the budgeting process.
D) Operating and financial budgets are prepared independently at the end of the budgeting process.