Introduction: Budgeting is very important process in managing future financing affairs of a business entity. Budgeting is refers to better estimations about possible inflows & outflows of funds in the business. In same manner budgeting guidelines are the directions that need to be followed in budgeting process.
To choose:
We have to select out of yes or no for given statements with reference to budgeting guidelines.
1. ……..Employees should have the opportunity to explain differences from budgeted amounts.
2………Budgets should include budgetary slack.
3………Employees impacted by a budget should be consulted when it is prepared.
4………Goals in a budget should be set low so targets can be reached.
5………Budgetary goals should be attainable.
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Fundamental Accounting Principles
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