I just did an exercise from the Kaplan book that had me basically construct (by filling out the blanks) a master budget which of course included Statement of Financial Position and Budgeted Income Statement. I know that in the lectures we mostly covered Functional budget construction. Given the fact that most of the question on this subject are mostly going to be “written,” (using Mr. Moffat’s words 🙂 ), what is the probability we are asked to construct master budgets?
The probability is very small. By “written” what I mean is that any questions on master budgets are likely to be simply testing that you know what they are.