Chapter 23, Problem 23.1DIE

To determine

Long-range Plans: The plans which are prepared for a period of more than one year are known as long-range plans.

Sales Forecast: For the going concern, every company estimate the sale which can be made in the future. The sale which is analyzed by the companies for the future perspectives is known as sales forecast.

Master Budget: A set of different budgets prepared based on the functions or processes available in a business or company is called master budget. It includes the information of the operations and finance.

Participative Budgeting: The budgeting process in which the people, affected from the budget are involved in the preparation of budget is known as participative budgeting.

Financial Budget: Financial budget is the complete cycle of estimated record to report of financial data and transaction during a period. It is requirement for every business to report the estimated financials of the company.

Operating Budgets: A budget which consists with the total estimated cost of production or operation of the company is known as operating budget.

To identify: The terms which complete the statement.