Select the correct statement about the master budget. multiple choice the master budget usually includes operating budgets and capital budgets, and pro forma financial statements. the budgeting process usually begins with preparing the strategic budgets. the master budget is a group of detailed budgets and schedules representing the company's operating and financial plans for the past accounting period. preparing the master budget begins with the cash budget.

The master budget usually includes operating budgets and capital budgets and pro forma financial statements, is the correct statement.

Explanation:

The master budget the sum of all lower level budgets which is produced by a company. It includes budget financial statements, Cash forecast and financial plan. The master budget is presented in monthly or quarterly format and covers company's complete fiscal year. It can also include and explanatory text that explains company's strategic direction and how the budget will accomplish the specified goals. Headcount changes can also be discussed by the management to achieve the budget.