Indicate whether each of the following statements is true or false.The accuracy of sales forecasts is critical to the effectiveness of a business' overall budgeting process.Sales estimates to be used in the budgeting process are usually prepared by the accounting department.Sales forecasts often are prepared using sophisticated computer programs and statistical techniques.A company's senior vice president for sales would be held responsible for the sales budget.Accompanying the sales budget is a schedule of cash payments for inventory, which is used in preparing the cash budget.
What will be an ideal response?
The accuracy of sales forecasts is critical to the effectiveness of a business's overall budgeting process. T
Sales estimates to be used in the budgeting process are usually prepared by the accounting department. F
Sales forecasts often are prepared using sophisticated computer programs and statistical techniques. T
A company's senior vice president for sales would be held responsible for the sales budget. T
Accompanying the sales budget is a schedule of cash payments for inventory, which is used in preparing the cash budget. F
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