List the steps of the capital budgeting process and identify actions that relate to each step.
What will be an ideal response?
1. Develop strategies:
• Develop long-term goals
2. Plan
• Identify potential capital investments
• Analyze potential capital investments
• Apply capital rationing
3. Direct
• Acquire and use approved capital investments
4. Control
• Perform post-audits: Intermediate and end-of-useful-life
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Indicate whether the statement is true or false