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Question 1
A benefit of budgeting is that it provides definite objectives for evaluating performance . Question 2
Effective budgeting requires clearly defined lines of authority and responsibility . Question 3
Financial budgets must be completed before the operating budgets can be prepared . Question 4
The budgeted income statement indicates the expected profitability of operations for the next year
Question 5
The budget itself and the administration of the budget are entirely accounting responsibilities
Question 6
Why are budgets useful in the planning process ? Question 7
Which of the following statements about budget acceptance in an organization is true ? Question 8
The budget committee would not normally include the Question 9
Which of the following is not an operating budget ?