A. The balance sheet may be prepared only after all of the individual budgets have been prepared. See the correct answer for a complete explanation.
B. The sales budget is usually the first budget to be prepared.
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.
