Final Answer:
The development of the operating budget is complete when the budgeted income statement is complete.
Income Statement
Step-by-step explanation:
4. In the context of budget development, the completion of the operating budget aligns with the completion of the budgeted income statement.
The operating budget comprises various components, and one crucial aspect is the budgeted income statement. This statement outlines the projected revenues, expenses, and profits over a specific period.
The income statement provides a summary of an organization's financial performance, detailing its revenues and expenses. In the context of budgeting, it becomes a fundamental part of the overall operating budget.
As the question only seeks the true statement, it is essential to note that the completion of the operating budget corresponds to the finalization of the budgeted income statement.
Therefore, the correct option is the income statement.
To elaborate, the operating budget involves forecasting revenues and expenses, and the income statement captures these elements, making it a key component in budget development.
The income statement's completion signifies the conclusion of the operating budget, marking a crucial step in financial planning and analysis.