ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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MASTER BUDGET Definition
MASTER BUDGET formalizes the whole budget system into one single final document in which all the operational budgets flow; its goal is to draft the main economic and financial statements. However, dependent upon the individual or geographic location, is variously contains the cash budget only; or the income statement and the balance sheet combined; or the income statement and the balance sheet and the cash budget combined.
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PRODUCTION is the creation of value or wealth by producing goods and services.
PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.