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Answer (D) is correct . Sales and administrative budgets are prepared after the sales budget. Like the other budgets, they constitute prospective information based on the preparer’s assumptions about conditions expected to exist and actions expected to be taken.

Answer (A) is incorrect because Selling and administrative budgets are no more optional than any other component of the master budget.
Answer (B) is incorrect because Selling and administrative budgets have both variable and fixed components.
Answer (C) is incorrect because Selling and administrative budgets should be prepared on the same basis as the remainder of the budget, typically on at least a monthly basis.