Indicate whether each of the following statements is true or false.
1. A master budget provides information about plans and expectations for the next five years.
2. A company that uses a participative budget engages in budgeting throughout the year.
3. One of the benefits of budgeting is that it promotes coordination and communication.
4. A budget formalizes managerial plans.
5. At the end of a period, a company should not compare actual results to the budget because budgets are notoriously inaccurate.

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The Answer of Indicate whether each of the following statements is true or false.
1. A master budget provides information about plans and expectations for the next five years.
2. A company that uses a participative budget engages in budgeting throughout the year.
3. One of the benefits of budgeting is that it promotes coordination and communication.
4. A budget formalizes managerial plans.
5. At the end of a period, a company should not compare actual results to the budget because budgets are notoriously inaccurate.

Indicate Whether Each of the Following Statements Is True or False