All of the following are true statements about the role of budgets and budgeting EXCEPT that A) a budget is a quantitative summary of the expected allocations and financial consequences of the organization's short-term operating activities. OB) budgeting solves most business challenges because it coordinates activities and communicates an organization's short-term goals to its members. C) the difference between actual results and the budget plan are called variances. D) budgeting includes the process of estimating money inflows and outflows to determine a financial plan that will meet on organization's objectives.

All of the following are true statements about the role of budgets and budgeting EXCEPT that A) a budget is a quantitative summary of the expected allocations and financial consequences of the organization's short-term operating activities. OB) budgeting solves most business challenges because it coordinates activities and communicates an organization's short-term goals to its members. C) the difference between actual results and the budget plan are called variances. D) budgeting includes the process of estimating money inflows and outflows to determine a financial plan that will meet on organization's objectives.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11MC: Which of the following statements is not correct? A. The sales budget is computed by multiplying...

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