Budgets Assign Resources and the Responsibility to Use Them Wisely

question 3

True/False

Budgets assign resources and the responsibility to use them wisely to managers who are held accountable for their results.

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Definitions:

Non-existent Corporation

A corporation that either has not been legally established or has been dissolved, thereby lacking legal recognition.

Undisclosed Principal

A situation in a contract where the existence and identity of one party are not revealed to the other party.

Liability

Legal responsibility for one's actions or omissions, which may result in being obligated to offer compensation for harm caused.

Incompetent

Lacking the necessary ability, knowledge, or fitness to perform a legally designated responsibility or action effectively.