A. The sales budget is usually the first budget to be prepared.
B. The balance sheet may be prepared only after all of the individual budgets have been prepared. See the correct answer for a complete explanation.
C. The cash budget is usually the last budget prepared. See the correct answer for a complete explanation.
D. The capital budget is a long-term budget and is prepared outside of the annual budgeting process. See the correct answer for a complete explanation.
