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Teaching students how to prepare a master budget is challenging, because limited time is allocated to the topic. A master budget contains many interrelationships that are difficult to comprehend quickly. This paper presents a MS-Excel® project in which students develop an interactive budget workbook with an assumptions sheet which contains all pertinent data and is used to calculate the budgets and pro-forma financial statements. Many features in the program such as formula auditing functions are useful in reinforcing relationships between components of the master budget. Once this workbook is complete, the students can enter different assumptions and observe the effect of changes on other budget elements. This serves to enhance the understanding of the complex interrelationships that exist between budgets and pro-forma financial statements. This project addresses several AICPA Core Competencies and AACSB Assurance of Learning Standards that are benchmarks of student learning.