Master Budget

I don't know where you found this question, but there is no such thing as an 'asset items budget'. It will usually include a capital expenditure budget (showing budgeted purchases of non-current assets).

It's from Kaplan Exam kit sec b (10mark ) question. Budgeting Topic [In study text it was written that master budget include ( statement of P&L , cash flow , SOFP ) And in SOFP - asset and liability both come. ] So because of this reason I marked this true but the answer given back is False

Assets and liabilities do appear in the SOFP, but we do not prepare separate budgets for all of them. There will be a cash budget, an there will be a capital expenditure budget (but this is only for non-current assets). There is no such thing as an 'asset items budget'.