The Master Budget for a Given Accounting Period Has All

The master budget for a given accounting period has all of the following except:

A) It consists of a series of operating and financial budgets.
B) It is considered the "grand plan of action" for the upcoming period.
C) It culminates in a set of pro forma financial statements.
D) It is considered an important planning document for many organizations.
E) It is based on the actual level of sales activity for the period.

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