The document discusses budgeting in the service sector. It defines key terms like the service sector, budgeting, and the budgeting process. It then describes the steps involved in preparing a master budget for a service organization, including operating budgets like the sales/service revenue budget, direct labor budget, and selling/administrative expense budget. It also discusses financial budgets like the budgeted income statement, cash budget, and budgeted balance sheet that are included as part of the master budget. The master budget is an integrated set of budgets that allows management to plan and control operations for the upcoming period.