Asked by Makaylee Wright on Apr 28, 2024
Verified
Why are budgets useful in the planning process?
A) They provide management with information about the company's past performance.
B) They help communicate goals and provide a basis for evaluation.
C) They guarantee the company will be profitable if it meets its objectives.
D) They enable the budget committee to earn their paycheck.
Planning Process
A systematic approach to setting goals and objectives, developing strategies, and outlining tasks and schedules to accomplish the goals.
Company's Past Performance
A review of a company's previous financial results and operations, usually analyzed to forecast future performance.
Communication Goals
Objectives that an individual or organization aims to achieve through communication efforts, including increasing awareness, influencing perceptions, or driving behavior changes.
- Gain insight into the objective and framework of a budgeting process.
- Identify the role of budgeting in assessing performance.
Verified Answer
Learning Objectives
- Gain insight into the objective and framework of a budgeting process.
- Identify the role of budgeting in assessing performance.
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