The Budgeting Process Does Not Involve Which of the Following

question 77

Multiple Choice

The budgeting process does not involve which of the following activities:

• A) Specific goals are established
• B) Periodic comparison of actual results to goals
• C) Execution of plans to achieve goals
• D) Increase in sales by increasing marketing efforts.

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Definitions:

Primary Liability

The main or first layer of responsibility for fulfilling a financial or legal obligation.

Secondary Liability

Legal responsibility that arises from aiding, facilitating, or contributing to a wrongful act committed by another party.

Contractual Liability

This is the legal obligation parties have under a contract to fulfill the terms of the agreement.

Warranty Liability

The legal obligation of a seller to ensure that the goods or services sold meet certain expressed or implied standards of quality and reliability.