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15. Which of the following statements about budgeting is false? (Points: 5) In the master budgeting process, the budgeted income statement is the last step. Zero-based budgeting assumes that nothing should be funded this year just because it was funded last year. Coordinating the planned activities of different departments is one advantage of the budgeting process. When preparing the master budget, depreciation costs must be budgeted even though they are non-cash costs and are expected to be fixed.

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