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Answer (A) is correct . A company’s overall budget, often called the master or comprehensive budget, encompasses the organization’s operating and financial plans for a specified period, ordinarily a year. Thus, all other budgets are subsets of the master budget. In the operating budget, the emphasis is on obtaining and using current resources. In the financial budget, the emphasis is on obtaining the funds needed to purchase operating assets.

Answer (B) is incorrect because The booklet containing budget guidelines, policies, and forms to use in the budgeting process is the budget manual.
Answer (C) is incorrect because The current budget updated for operations for part of the current year is a continuous budget.
Answer (D) is incorrect because A master budget may be prepared by a for-profit entity.