Budget which specifies an operating and financial plan, usually for a fiscal year or any specific period of time is classified as
A
annual budget
B
operating budget
C
specific budget
D
master budget
Correct Answer: master budget
Budget which specifies an operating and financial plan, usually for a fiscal year or any specific period of time is classified as master budget. The master budget is the aggregation of all lower-level budgets produced by a company's various functional areas, and also includes budgeted financial statements, a cash forecast, and a financing plan.