Master budget
Master budget is expression of management's operating and financial plans for a specified period (usually a fiscal year) including a set of budgeted financial statements. Also called pro forma statements.
Definitions
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Master budget. Expression of management's operating and financial plans for a specified period (usually a fiscal year) including a set of budgeted financial statements. Also called pro forma statements.
According to Managerial Accounting by Braun, Tietz (5th edition),
- Master budget. The comprehensive planning document for the entire organization. The master budget includes the operating budgets and the financial budgets.