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CMA Pop Quiz #142: Part 1 Planning, Budgeting, and Forecasting

Here is the answer to this week’s quiz:

Which of the following (internal) pro forma financial statements is usually the last budget prepared at the end of a period?

  • Pro forma income statement.
  • Pro forma balance sheet.
  • Pro forma statement of stockholder's equity.
  • $300,000 and ($750,000).
Correct Answer B

The pro forma or budgeted balance sheet is based in part on the current period's budget balance sheet and in part on the other budgets, so it is usually the last item prepared in a master budget.

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