Consider the following statements about budget administration.
i. Regardless of size, the budgeting process in all organisations must be a formal process.
ii. The budget manual is prepared to communicate budget procedures and deadlines to employees throughout the organisation.
iii. Good internal control procedures require that the manager responsible for managing the budget process be an individual other than the chief accountant.
Which statement/s is/are true?
A) i
B) ii
C) iii
D) i and iii

Question

Quizplus · Accepted Answer

The budget manual is indeed prepared to communicate budget procedures and deadlines to employees throughout the organization, making statement ii true. Statement i is incorrect because the formality of the budgeting process can vary depending on the size and culture of the organization. Statement iii is also not necessarily true as the manager responsible for the budget process could be the chief accountant, depending on the organization's structure and internal control systems.

Consider the Following Statements About Budget Administration