Which of the following would NOT be included in an operating budget?

The inclusion of long-term asset purchases in an operating budget would not typically occur because operating budgets focus on the short-term revenue and expense projections needed to manage daily operations. Operating budgets generally encompass costs associated with current period activities such as production costs, sales forecasts, and general administrative expenses, which are all part of the everyday operations and expenditures of a business.

Long-term asset purchases, on the other hand, fall under capital budgeting rather than operating budgeting. Capital budgets assess investments in long-term assets like property, equipment, and infrastructure, which do not directly affect the operating budget for the period in which the assets are purchased. Instead, these long-term purchases impact the balance sheet and involve long-term financing and depreciation considerations, making them separate from the current operational financial planning reflected in an operating budget.