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In the lectures, only functional budgets(example 1) and flexed budgets(example 2) where prepared. does it mean we can’t be asked to prepare a flexible budgets and other types of master budgets?
You cannot be asked to prepare a flexible budget – you can certainly be asked what it is, but you cannot be asked to prepare it (a flexed budget is just one part of the flexible budget, and that can be asked.)
You cannot be asked to prepare a cash budget or a capital expenditure budget (which can be part of the master budget – it depends on what management decide, there is no rule about what is in the master budget.)
So….other that knowing what we mean by flexible budgets and the master budget, the only budgets you can actually be asked to prepare are functional budgets and flexed budgets (and that is why it is only those that are in the lectures!).
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