Consider the Following Statements About Budget Administration

question 77

Multiple Choice

Consider the following statements about budget administration:
I. The budgeting process is a very formal process in all organizations regardless of an organization's size.
II. The budget manual is prepared to communicate budget procedures and deadlines to employees throughout an organization.
III. Effective internal control procedures require that the budget director be an individual other than the controller.
Which of the above statements is (are) true?

• A) I only.
• B) II only.
• C) III only.
• D) I and II.
• E) I and III.

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Definitions:

Raise

To increase to a higher position or level; in mathematics, it often refers to exponentiation.

Sum

A mathematical process of adding numbers together to get their total amount.

Infinite Series

A series that continues indefinitely, represented by an infinite sum of terms.

Depreciates

The process of an asset losing value over time due to use, wear and tear, or obsolescence.